[U.S. Congressman Don Davis Proposes Bill to Ban Candidates from Betting on Their Own Elections] According to a report by Decrypt on October 7, U.S. Congressman Don Davis, a Democrat from North Carolina, introduced the 'No Betting on Your Own Race Act' in the House of Representatives on October 6. The bill seeks to amend federal election laws to prohibit federal office candidates, their spouses, minor children, and authorized committees from trading prediction market contracts that settle based on the candidate's own election outcomes (such as winning, retaining office, vote percentages, rankings, etc.). Violators would face a civil penalty of $10,000 per violation or three times the net profit, whichever is greater. Trading platforms acting in good faith to restrict, suspend, or close accounts or liquidate positions would be exempt from liability and could report violations to the CFTC, Department of Justice, or FEC without facing repercussions. The FEC would be required to update a machine-readable list of candidates weekly. Kalshi has already fined several lawmakers this year for betting on their own elections.