Wired

George Santos Just Got Hit With Kalshis First-Ever Lifetime Ban

The Wall Street Journal

Ex-Congressman George Santos Receives Kalshis First-Ever Lifetime Ban

Georgesantos

dwang_panga

GivnerAriel

Saanjana Nikita

DOJ is investigating former congressman George Santos for insider trading on Kalshi

Newser

Kalshi Bestows Its First-Ever Lifetime Ban on George Santos

NBC News

Kalshi bans George Santos for life after he secretly bet on himself

ABC News

Prediction market Kalshi announces lifetime ban against former Rep. George Santos

The Washington Post

Kalshi bans former GOP congressman George Santos for life

AP News

Kalshi bans ex-Congressman George Santos for life after concluding he likely was insider trading

Reuters

Kalshi permanently bans George Santos over State of the Union bets

The New York Times

Kalshi Permanently Bars George Santos From the Platform

Kalshi bans former Rep. George Santos for illegal trades

Business Insider

George Santos is the first person to be permanently banned from Kalshi

PBS NewsHour

Kalshi permanently bans ex-Congressman George Santos for life after concluding he likely was insider trading

Independent

Kalshi issues George Santos a lifetime ban and $71,356 fine over suspicious trades

New York Post

Kalshi slaps scandal-ridden George Santos with first-ever lifetime ban over shady bet

Engadget

Kalshi dishes out its first-ever lifetime ban to George Santos

CNBC

Kalshi permanently bans former GOP Rep. George Santos over illegal trading

CBS News

Kalshi bans ex-congressman George Santos for life after suspicious trades

Newsweek

George Santos Gets First Ever Lifetime Kalshi Ban, Former Congressman Responds

Bloomberg

Ex-Congressman Santos Banned for Life by Kalshi After CFTC Case

David Miller

Michael Selig

Nicholas Biase

Aitan Goelman

Olivia Chalos

CFTC

Koleman Strumpf

Norton Rose Fulbright

Morrison Foerster

Freshfields

Jay Clayton

Securities Docket

"If the issue is some important geopolitical issue ... the set of people who know that, I would argue, is pretty small. I don't think they're trading on these sites."

“I think it will be difficult. You can’t criminally prosecute someone if the law is vague.”

"I'm not going to play speculation games with you, but I ⁠will tell you that we have a zero tolerance policy when it comes to fraud, manipulation and insider trading."

“That’s a crime. Because it’s a prediction market doesn’t insulate you from fraud.”

"The United States Department of Justice has also signaled that it will prosecute insider trading on prediction markets."

"The CFTC has made clear that insider trading enforcement is a top priority."

"We will aggressively detect, investigate, and, where appropriate, prosecute insider trading in the prediction markets."

“I want to be crystal clear: to anyone who engages in fraud, manipulation, or insider trading in any of our markets: we will find you, and you will face the full force of the law."

Will someone be criminally prosecuted for insider trading on a prediction market in 2026?

Prediction market platform Kalshi issued its first-ever lifetime ban against former Rep. George Santos on Monday, also fining him $71,356 after its compliance department found reasonable cause to believe he engaged in insider trading related to his attendance at President Trump's State of the Union address.

Prediction market platform Kalshi issued its first-ever lifetime ban against former Rep. George Santos on Monday, also fining him $71,356 after its compliance department found reasonable cause to believe he engaged in insider trading related to his attendance at President Trump's State of the Union address.

Between Feb. 2 and Feb. 25, Santos placed a series of large bets on whether he would attend the State of the Union address while making public statements — some false or misleading — about his planned attendance, earning $17,839 in profits, according to Kalshi.

Between Feb. 2 and Feb. 25, Santos placed a series of large bets on whether he would attend the State of the Union address while making public statements — some false or misleading — about his planned attendance, earning $17,839 in profits, according to Kalshi.

In July, Santos agreed to pay $35,000 to settle a Commodity Futures Trading Commission probe into his trades, which also imposed a three-year ban on him from prediction markets. His attorney said the settlement should not be taken as an admission of wrongdoing.

In July, Santos agreed to pay $35,000 to settle a Commodity Futures Trading Commission probe into his trades, which also imposed a three-year ban on him from prediction markets. His attorney said the settlement should not be taken as an admission of wrongdoing.

Kalshi said Santos was the only individual among those penalized in its recent enforcement actions who did not cooperate with its investigation. The platform said the elevated fine reflected his lack of cooperation.

Kalshi said Santos was the only individual among those penalized in its recent enforcement actions who did not cooperate with its investigation. The platform said the elevated fine reflected his lack of cooperation.

Kalshi also issued enforcement actions Monday against three political candidates — Ben Midgley, Stephen Cloobeck and Laurie Buckhout — who were found to have bet on contracts related to their own races, resulting in temporary suspensions and financial penalties.

Kalshi also issued enforcement actions Monday against three political candidates — Ben Midgley, Stephen Cloobeck and Laurie Buckhout — who were found to have bet on contracts related to their own races, resulting in temporary suspensions and financial penalties.

Wired #

The Wall Street Journal #

NPR #5840

Newser #

NBC News #

ABC News #

The Washington Post #

AP News #

Reuters #

The New York Times #

UPI #

Business Insider #

PBS NewsHour #

Independent #

New York Post #

Engadget #

CNBC #

CBS News #

Newsweek #

Bloomberg #

Banning George Santos for life goes further than necessary — the CFTC settlement already handled the punishment, and Kalshi's permanent exclusion sets a troubling precedent. Targeting bad actors is the right move, but blanket overreactions threaten the broader health of prediction markets. Keep the market open, enforce the rules and let the system work as designed.

Banning George Santos for life goes further than necessary — the CFTC settlement already handled the punishment, and Kalshi's permanent exclusion sets a troubling precedent. Targeting bad actors is the right move, but blanket overreactions threaten the broader health of prediction markets. Keep the market open, enforce the rules and let the system work as designed.

Ariel Givner

Kalshi's lifetime ban on Santos is the only defensible call — one high-profile insider trading case can torch the regulatory goodwill prediction markets depend on. Letting a disgraced politician trade on political outcomes makes the whole platform look rigged, and that perception is fatal to legitimacy. Strict exclusion is not an overreaction; it is the price of building a serious exchange.

Kalshi's lifetime ban on Santos is the only defensible call — one high-profile insider trading case can torch the regulatory goodwill prediction markets depend on. Letting a disgraced politician trade on political outcomes makes the whole platform look rigged, and that perception is fatal to legitimacy. Strict exclusion is not an overreaction; it is the price of building a serious exchange.

David Wang

Prediction Markets and World Events

Kalshi Bans Santos for Life Over Insider Trading

Kalshi Bans Santos for Life Over Insider Trading

United States of America

Fraud and swindling

Securities & commodities violati

Lawsuits

Kalshi's lifetime ban on George Santos proves prediction markets can police themselves without government overreach. The platform flagged the misconduct, the CFTC settled, and Kalshi added its own discipline on top — that's the system working exactly as intended. Blanket bans on prediction markets punish everyone for one bad actor's choices, and that's just bad policy.

Kalshi's lifetime ban on George Santos proves prediction markets can police themselves without government overreach. The platform flagged the misconduct, the CFTC settled, and Kalshi added its own discipline on top — that's the system working exactly as intended. Blanket bans on prediction markets punish everyone for one bad actor's choices, and that's just bad policy.

Kalshi's permanent Santos ban isn't a feel-good integrity moment — it's a calculated survival move. One disgraced politician trading on political outcomes could've handed regulators the ammunition to shut the whole operation down. Prediction markets have to be ruthless about exclusion because a single high-profile scandal puts the entire legitimacy of the exchange at risk.

Kalshi's permanent Santos ban isn't a feel-good integrity moment — it's a calculated survival move. One disgraced politician trading on political outcomes could've handed regulators the ammunition to shut the whole operation down. Prediction markets have to be ruthless about exclusion because a single high-profile scandal puts the entire legitimacy of the exchange at risk.

Kalshi Bans Santos for Life Over Insider Trading

Kalshi Bans Santos for Life Over Insider Trading

The Spin

The Controversies

Strumpf

Goelman

Selig

Clayton

Docket

Freshfields

Miller

Selig

Go Deeper

Sign Up for Our Free Newsletters
Sign Up for Our Free Newsletters

Kalshi Bans Santos for Life Over Insider Trading

Kalshi Bans Santos for Life Over Insider Trading

The Spin

The Controversies

Strumpf

Goelman

Selig

Clayton

Docket

Freshfields

Miller

Selig

Go Deeper

Sign Up for Our Free NewslettersSign Up for Our Free Newsletters

Sign Up for Our Free Newsletters
Sign Up for Our Free Newsletters