U.S. Representative Don Davis of North Carolina introduced the No Betting on Your Own Race Act on Monday, seeking to bar federal election candidates, their campaign teams, and their spouses and children from buying, selling, or holding political event contracts linked to the candidates’ own elections. The proposal is aimed at preventing market manipulation, insider trading, and candidates profiting from election outcomes. While the bill does not name prediction market platforms such as Kalshi or Polymarket, its definition of political event contracts clearly covers that type of trading. Violations would carry a civil penalty of up to $10,000 per offense, or forfeiture of three times the potential profit. The report also noted that Republican House candidate Laurie Buckhout was previously banned by Kalshi for three years and fined $2,590 for trading contracts tied to her own race, though she did not face civil or criminal charges. Because Congress is in recess until after the November midterm elections, the bill will not be considered before the 2026 midterm elections.
BlockBeats reported on Oct. 7 that U.S. Representative Don Davis of North Carolina introduced the No Betting on Your Own Race Act on Monday. The bill would prohibit federal election candidates, their campaign teams, and their spouses and children from buying, selling, or holding political event contracts tied to the candidates’ own elections.
The proposal is intended to prevent market manipulation, insider trading, and candidates from profiting off election outcomes. It does not directly name prediction market platforms such as Kalshi or Polymarket, but the bill’s definition of political event contracts clearly covers those trades.
Under the proposal, each violation could bring a civil fine of up to $10,000, or forfeiture of three times the potential profit.
Earlier, Republican House candidate Laurie Buckhout was banned by Kalshi for three years and fined $2,590 for trading event contracts related to her own election. She did not face civil or criminal charges.
Congress is currently in recess until after the November midterm elections, which means the bill cannot be taken up before the 2026 midterm elections. For now, Kalshi and Polymarket continue to offer trading in U.S. election-related event contracts.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
