Kalshi Bans George Santos for Life, Fines Him $71,000 Over State of the Union Bet
Updated
Updated · WIRED · Sep 3
Kalshi Bans George Santos for Life, Fines Him $71,000 Over State of the Union Bet
3 articles · Updated · WIRED · Sep 3
Summary
$71,000 and a lifetime ban hit George Santos after Kalshi said he manipulated a market on whether he would attend Trump’s State of the Union.
Kalshi identified Santos through its know-your-customer records after he publicly said he would attend, then posted during the event that he was stuck at the airport and not going.
The former congressman allegedly made about $17,000 on the trade, and the CFTC had already penalized him over the same incident before Kalshi finalized its own sanctions.
Kalshi said other politicians caught betting on events involving themselves received smaller fines and temporary suspensions, making Santos its first permanent ban.
The case underscores how federally regulated prediction markets are drawing sharper insider-trading enforcement even as legal and regulatory boundaries remain contested.