Kalshi permanently bans former US Rep. George Santos for insider trading and market manipulation related to State of the Union betting, the platform's first lifetime ban.
Regulation & Gov ·
Kalshi has issued its first permanent ban, removing former US Rep. George Santos from the prediction-market platform after finding he engaged in insider trading and market manipulation by wagering on his own attendance at the February State of the Union address, netting $17,839.57. Santos had been barred from such trades given his ability to influence the outcome, yet placed a series of large positions between February 2 and February 25. The exchange imposed both the lifetime suspension and a $71,356 fine effective August 28, 2026, following Santos's prior settlement with the Commodity Futures Trading Commission in which he paid $35,000 without admitting wrongdoing.