[Candidate Trading Their Own Election Contracts May Face Penalties, Davis Proposes Legislation to Prohibit It] Odaily Planet Daily News – On Monday, Democratic Representative Don Davis from North Carolina introduced the 'Prohibition on Wagering on One's Own Election Act,' which seeks 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 higher. The proposal stems from Davis's Republican opponent, Laurie Buckhout, who previously traded contracts related to her own candidacy, reached a settlement with the platform, and paid a fine of just under $2,600. She was also suspended from using the platform for three years. Prediction market platforms had already implemented self-imposed restrictions on candidates trading contracts related to their own elections, but Davis aims to codify these restrictions into law. However, since the House and Senate plan to reconvene only after the midterm elections, it is highly unlikely that this proposal will be enacted during the current election cycle.