George Santos news
Archived — this story has rotated out of today’s deck. It is kept here in full.
The gist
Kalshi banned George Santos for life after a regulator alleged he made over $17,000 betting on his own State of the Union attendance. The ban marks the first-ever lifetime ban.
Background
George Santos, a former Republican congressman, was expelled from the House in 2023 and later pleaded guilty to fraud charges. Kalshi, a prediction market platform, investigated trades Santos placed in February on a market where the outcome depended on his own attendance at President Trump's State of the Union address. A federal regulator alleged Santos made over $17,000 from these trades, leading to the ban and penalty.
How it unfolded
- Feb 2026Santos placed a series of large trades on a Kalshi market where the underlying contracts depended on his own attendance at the State of the Union address.
- Jul 2026Santos settled related CFTC charges.
- Aug 31, 2026Kalshi announced a lifetime ban on Santos and imposed a $71,356 penalty, marking the first-ever lifetime ban issued by the company.
Who’s saying what
- Official
- Kalshi said its compliance department imposed the ban and penalty after an investigation, citing the regulator's allegations.
- Public
- Santos mocked the ban on X, dismissing the insider trading allegations.
Still unverified
The specific details of the regulator's allegations and the full extent of Santos's trades are not fully detailed in the material.