U.S. Representative Don Davis, a North Carolina Democrat, introduced the Ban on Betting on Your Own Election Act on Monday. According to Odaily, the bill would prohibit federal candidates from trading prediction market contracts tied to their own elections and would fine violators $10,000 or three times their net trading profits, whichever is higher.

The proposal follows a settlement involving Davis's Republican opponent, Laurie Buckhout, who paid slightly less than $2,600 after trading contracts related to her own campaign and was suspended from the platform for three years. Prediction market platforms had already restricted candidates from trading contracts tied to their own elections, and Davis wants those limits written into law. The article said the House and Senate are not expected to resume meeting until after the midterm elections, making it unlikely the proposal will take effect during the current election cycle.