[U.S. Congressman Proposes Ban on Candidates Trading Prediction Market Contracts Related to Their Own Elections] BlockBeats News, October 6, according to CNBC, U.S. Democratic Congressman Don Davis from North Carolina proposed the 'Prohibition on Betting on One's Own Election Act' on Monday, aiming to ban federal office candidates from trading contracts related to their own elections on prediction markets. Violators would face a fine of $10,000 or three times the net profit from the trades, whichever is greater. The proposal stems from an incident involving Davis's Republican opponent, Laurie Buckhout, who was previously penalized by Kalshi. Buckhout traded contracts related to her own candidacy and reached a settlement with the platform in August, paying a fine of just under $2,600 and receiving a three-year suspension from using Kalshi. At the time, she stated: 'I bet on myself, I did. It was a stupid mistake.' Prediction market platforms have previously imposed self-regulations to restrict candidates from trading contracts related to their own elections to prevent insider trading. Davis hopes to formalize these restrictions into law. However, both the House and Senate plan to reconvene only after the midterm elections, making it highly unlikely for this proposal to be implemented during the current election cycle. In April, the Senate passed a resolution prohibiting senators and their staff from participating in prediction market trading, but it does not cover non-incumbent Senate candidates. [Original Article Link]