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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.