Kalshi permanently bans former Rep. George Santos over insider trading

Prediction market platform Kalshi said it will permanently ban former U.S. Rep. George Santos over insider trading allegations. Santos is known to have made about $18,000 by betting on a prediction market contract over whether he would attend President Donald Trump’s State of the Union address. The U.S. Commodity Futures Trading Commission concluded in July that Santos traded while in a position to influence the outcome of the event and posted false or misleading information on social media that affected market prices, completing a settlement process in the case. The CFTC banned Santos from trading for three years and ordered the disgorgement of about $17,569 in profits, along with a $17,500 civil penalty.