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Kalshi permanently bans George Santos from its prediction market
Kalshi said Santos violated its rules by trading a State of the Union attendance bet, and the platform fined him just over $71,000.
Kalshi has issued its first permanent ban on an individual, removing former Rep. George Santos from trading on the prediction market platform.
The Block reports that Kalshi cited Santos’ trading in markets tied to whether he would attend the State of the Union, saying he violated the platform’s rules. A notice of settlement of disciplinary action filed Monday ordered Santos to pay a fine of just over $71,000.
The Block added that the move follows Santos’ prior settlement with the Commodity Futures Trading Commission, which said it has jurisdiction over prediction markets. According to the CFTC, Santos used trades on Kalshi to influence the outcome of his State of the Union bet.
Kalshi’s notice referenced that Santos made public statements about whether he would attend about two weeks before the SOTU, and that those statements caused the contract price to move significantly. The Block says Santos agreed to pay $35,000 as part of the earlier CFTC settlement, and did not admit or deny the agency’s findings.