CONNECT WITH US
Web3 & Blockchain

Web3 & Blockchain

Bill aims at stopping US lawmaker bets on their own elections ahead of midterms

Cointelegraph logo

Published on

Add as a preferred source on Google
Bill aims at stopping US lawmaker bets on their own elections ahead of midterms

The No Betting on Your Own Race Act will not be addressed before the 2026 US midterms as Congress is on recess until after the election.

A North Carolina lawmaker has introduced legislation aimed at blocking politicians from using prediction market platforms to potentially profit on their own elections.

On Monday, Representative Don Davis introduced the No Betting on Your Own Race Act, prohibiting federal candidates, their campaigns, their spouses and children from “buying, selling, acquiring, disposing of, or holding contracts” related to their elections. Davis said that the legislation was designed to prevent market interference, insider trading and lawmakers from “cashing in” on elections, with a proposed $10,000 civil penalty for each violation or three times any potential financial windfall.

Although the text of the bill did not explicitly mention prediction market platforms like Kalshi and Polymarket, it referred to “political event contracts,” signaling that the legislation targeted activities through such companies. Republican House of Representatives candidate Laurie Buckhout received a three-year suspension and a $2,590 penalty from Kalshi in August over trading event contracts related to her race, but did not face civil or criminal charges.

However, Davis’ bill will not be addressed before the 2026 midterm elections as the House and Senate are out of session until November, though the House has been holding some pro forma sessions. Event contracts on US elections continue to be available on both Kalshi and Polymarket, offering better odds on Democrats retaking Congress in 2027.



Source link
Related Topics:Web3 & Blockchain

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We TheMorningPulse.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It's possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.