In brief
- Rep. Don Davis (D-NC) has introduced a bill barring federal candidates from trading contracts on their own races.
- Violations would draw a civil fine of $10,000 or three times any gain, whichever is larger.
- Platforms would get immunity for closing accounts, unwinding trades and reporting suspected breaches.
Candidates for federal office, their spouses and their campaign committees would be barred from trading prediction market contracts on their own elections under a bill introduced in the House on Monday.
The No Betting on Your Own Race Act, from Representative Don Davis (D-NC), would amend federal election law to make the trade a civil offense carrying a $10,000 fine per violation, or three times the net financial gain, whichever is greater.
