Prediction Market Kalshi Issues Lifetime Ban to Former Congressman George Santos
Kalshi permanently barred former New York Representative George Santos after he failed to cooperate with its investigation into trades linked to the 2026 State of the Union address, also imposing a monetary penalty.
Kalshi, a U.S. prediction-market platform, announced a lifetime ban on former New York congressman George Santos following his lack of cooperation with the company's compliance inquiry. The investigation focused on trades Santos placed that the firm said generated nearly $18,000 in profit and were tied to his attendance at the 2026 State of the Union address. In addition to the ban, Kalshi levied a $71,356 penalty against Santos, according to a filing on its website.
Santos, who was expelled from the House of Representatives in 2023 after facing fraud and campaign-finance charges, 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, citing that he traded on a contract titled “Who will attend the State of the Union?” while he could influence the event’s outcome.
Kalshi said Santos continued to place bets related to his attendance and made public statements intended to affect the contract’s price, violating the platform’s rules.