U.S. lawmaker proposes bill banning candidates from betting on their own elections

U.S. Rep. Don Davis, a Democrat, has introduced a bill that would bar federal election candidates from trading prediction market contracts tied to their own race, CNBC reported.

Violations would carry a fine of $10,000 or three times the net profit from the trade, whichever is greater. The bill was introduced after Davis’ election rival, Republican Laurie Buckhout, traded contracts tied to whether Buckhout would win and was later fined about $2,600 by Kalshi and suspended from the platform for three years.

Source: Coinness