U.S. Representative proposes banning candidates from betting on their own election results, but it cannot receive consideration before the 2026 midterm elections.

BlockBeats news, October 7 — U.S. Representative Don Davis of North Carolina introduced the "No Betting on Your Own Race Act" on Monday of this week, aiming to prohibit federal election candidates, their campaign teams, and their spouses and children from buying, selling, or holding "political event contracts" related to their own elections, in order to prevent market manipulation, insider trading, and candidates profiting from elections.

Although the bill does not directly name prediction market platforms such as Kalshi and Polymarket, the term "political event contracts" clearly covers such trading. Violators would face a civil penalty of up to $10,000 per violation, or forfeiture of three times the amount of potential profits.

Previously, Republican House candidate Laurie Buckhout was given a three-year ban and a $2,590 fine by the platform for trading Kalshi event contracts related to her own election, but did not face civil or criminal charges. Because the U.S. Congress is currently in recess until after the November midterm elections, the bill cannot be considered before the 2026 midterm elections. Currently, Kalshi and Polymarket still offer trading in event contracts related to U.S. elections.