US Congressman Don Davis proposes bill to prohibit candidates from betting on their own election prospects

US Congressman Don Davis proposed the "Prohibition of Placing Bets on Your Own Votes Act", which prohibits federal candidates and their families from trading predictive market contracts based on their own election results. Violators will be fined $10000 in civil law or three times their net earnings. The trading platform may be exempted from liability by restricting accounts or closing positions in good faith, and may report to the CFTC, Department of Justice, or FEC, which must update the candidate list on a weekly basis. (Source: Decrypt)