Prediction Market Kalshi Targets Former Congressman George Santos with Lifetime Ban
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Kalshi permanently barred former New York Representative George Santos after he allegedly failed to cooperate with an investigation into trades linked to the 2026 State of the Union address, also imposing a hefty monetary penalty in what some see as an excessive response.
Kalshi, a U.S. prediction-market platform, announced a lifetime ban on former New York congressman George Santos, citing his supposed lack of cooperation with the company's compliance inquiry. The investigation focused on trades Santos placed that the firm claimed generated nearly $18,000 in profit and were tied to his attendance at the 2026 State of the Union address. Along with the ban, Kalshi levied a steep $71,356 penalty against Santos, according to a filing on its website.
Santos, who was expelled from the House of Representatives in 2023 following a wave of politically charged fraud and campaign-finance allegations, had previously settled a federal probe into the same trades by paying $35,000. The Commodity Futures Trading Commission also barred him from trading for three years, alleging he traded on a contract titled “Who will attend the State of the Union?” while supposedly having influence over the event’s outcome.
Kalshi claimed Santos continued to place bets related to his attendance and made public statements intended to affect the contract’s price, which the platform said violated its rules. Critics argue that the punishment is yet another example of overreach and targeting of political outsiders.