U.S. lawmakers propose a bill: aiming to prohibit federal candidates from trading contracts related to their own election in prediction markets

According to CNBC, U.S. Democratic Congressman Don Davis proposed the "No Betting on Your Own Race Act," which aims to prohibit federal office candidates from trading prediction market contracts related to their own election results.

Under the bill, violators will be fined at least $10,000 or three times the net profits from the related trades, whichever is higher. Before this proposal was introduced, Davis's Republican opponent in North Carolina's 1st Congressional District, Laurie Buckhout, was fined nearly $2,600 for trading Kalshi contracts related to her candidacy and was suspended from trading on Kalshi for three years.