Don Davis Proposes $10,000 Ban on Candidates Trading Their Own Election Contracts
Updated
Updated · CNBC · Oct 5
Don Davis Proposes $10,000 Ban on Candidates Trading Their Own Election Contracts
1 articles · Updated · CNBC · Oct 5
Summary
Rep. Don Davis introduced the “No Betting on Your Own Race Act,” which would bar federal candidates from trading prediction-market contracts tied to their own elections.
The bill would fine violators $10,000 or three times their net gain, whichever is larger, turning into law a restriction platforms such as Kalshi already enforce.
Davis moved after Republican opponent Laurie Buckhout settled with Kalshi in August, paid just under $2,600 and accepted a three-year suspension for trading on her North Carolina race.
The proposal is unlikely to affect this midterm cycle because Congress is not scheduled to reconvene until after the election.
A Senate resolution passed in April banned senators and staff from prediction-market trading, but it did not cover nonincumbent candidates and the House has not matched it.