Rep. Don Davis introduces bill to stop federal candidates trading prediction market contracts tied to their own elections
October 6, 2026
U.S. Rep. Don Davis (D-N.C.) introduced the No Betting on Your Own Race Act on October 6, 2026, to prohibit federal candidates, their spouses, dependent children, and campaign committees from trading prediction market contracts tied to their own elections. The bill defines covered contracts as those based on a candidate's victory, continued participation, or specific vote outcomes, citing the need to prevent insider trading and market interference.
Violations of the proposed ban would result in a civil penalty of $10,000 per instance or three times the net financial gain, whichever is greater. The legislation follows previous actions, including Kalshi’s suspension of three congressional candidates in April 2026 and separate bills by Rep. Bryan Steil. If enacted, the rules would require the Federal Election Commission to maintain a public list of candidates, with restrictions taking effect immediately upon enactment.
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October 6, 2026
U.S. Rep. Don Davis (D-N.C.) introduced the No Betting on Your Own Race Act on October 6, 2026, to prohibit federal candidates, their spouses, dependent children, and campaign committees from trading prediction market contracts tied to their own elections. The bill defines covered contracts as those based on a candidate's victory, continued participation, or specific vote outcomes, citing the need to prevent insider trading and market interference.
Violations of the proposed ban would result in a civil penalty of $10,000 per instance or three times the net financial gain, whichever is greater. The legislation follows previous actions, including Kalshi’s suspension of three congressional candidates in April 2026 and separate bills by Rep. Bryan Steil. If enacted, the rules would require the Federal Election Commission to maintain a public list of candidates, with restrictions taking effect immediately upon enactment.
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