Kalshi bars former congressman George Santos for insider trading

Kalshi, the CFTC-regulated prediction market, permanently banned former US Representative George Santos on August 31, 2026. It’s the platform’s first lifetime ban, and it went to a man who has made a second career out of collecting firsts nobody wants. The penalty: $71,356, on top of a separate $35,000 fine Santos had already agreed to pay the CFTC in a July settlement. His alleged scheme was almost comically simple. He bought contracts betting he wouldn’t attend the February 2026 State of the Union address, then went on X to loudly proclaim he would be there, pumping up the price of “yes” contracts to nearly 76%. Then he didn’t show up. His total profit from the maneuver came to roughly $17,570. The scheme and the fallout Kalshi’s compliance team flagged the suspicious trading activity and froze Santos’ account. The platform then referred the case to the CFTC after receiving multiple whistleblower complaints from other users who apparently smelled something off. The July 31 CFTC settlement came first. Santos agreed to a three-year trading ban, a $35,000 civil penalty, and disgorgement of his profits. Then Kalshi went further, slapping the lifetime ban and the additional $71,356 fi...