New York · White House · The Block
George Santos over State of the Union trading
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George Santos has been permanently banned from trading on Kalshi, marking the prediction market platform’s first-ever permanent ban.
Key facts
- On Friday, the CFTC ordered Gabriel Perez, a former White House teleprompter operator, to pay more than $172,000 to settle charges that he used his advance access to President Trump's speeches — He was then ordered to pay $35,000 as part of the settlement, and did not admit or deny the agency's findings
- Santos was a congressman representing New York from Jan. 2023 to the end of that year after he was expelled following a House Ethics Committee investigation into misconduct involving ethics violations
- Murray said Santos cooperated with the CFTC and said the SOTU was the first time Santos had ever placed a bet on a prediction market
Summary
In a notice of settlement of disciplinary action filed on Monday, Kalshi said Santos violated its rules by trading a bet on whether he would attend the State of the Union. "The Kalshi Compliance Department has established reasonable cause to believe that George Santos engaged in trading activity in certain markets related to his attendance at the State of the Union address," Kalshi said in the notice. Last month, Santos settled with the Commodity Futures Trading Commission, which says it has jurisdiction over prediction markets, after the agency said he used trades on Kalshi to influence the outcome of his State of the Union bet. He was then ordered to pay $35,000 as part of the settlement, and did not admit or deny the agency's findings.