Ex-Congressman George Santos Banned for Life from Kalshi

Kalshi permanently banned former Rep. George Santos on Monday and fined him $71,356 for allegedly trading on his own attendance at President Trump's February State of the Union address.

• $17,839.57 in profits came from bets placed between Feb. 2 and Feb. 25, 2026.
• Kalshi cited his lack of cooperation with its internal investigation as grounds for the ban.
• $35,000 CFTC settlement reached in July included a separate three-year trading ban.
• It is the first lifetime ban Kalshi has ever issued, the company confirmed.

Why it matters: Kalshi alleged Santos posted public statements — including at least one it called false or misleading — to manipulate contract prices while he held positions on the outcome.

• The CFTC alleged Santos should not have bet on an event he had the power to influence.
• The case is among the most prominent insider trading allegations to emerge from the fast-growing prediction market industry.

How 61 sources split on this story

Where they split: Outlets agree on the core facts; the only dispute is over Santos' profit figure, which CBS News puts at nearly $18,000 while others report $17,000 or the precise figure of $17,839.57.

What’s next: Santos can appeal Kalshi's ban to the CFTC.

• Santos responded on X, mocking Kalshi and questioning how long the company would survive.
• Whether Santos will appeal the ban to the CFTC and on what grounds.
• Whether other prediction market platforms will adopt similar insider-trading enforcement policies.