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Former Rep. George Santos has agreed to pay $35,000 to settle a Commodity Futures Trading Commission probe into suspicious trades on prediction market Kalshi, according to the Washington Examiner. The settlement also includes a three-year trading ban.
The CFTC said the matter involved allegations of insider trading tied to contracts on whether Santos would attend President Donald Trump’s State of the Union speech in February. Under the settlement, Santos agreed to pay a $17,500 civil fine and relinquish more than $17,569 in profits that the agency described as stemming from unlawful trading.
For Kalshi users and others who follow prediction markets, the case is another reminder that these platforms remain subject to federal oversight, including market-integrity rules and enforcement actions.
Santos’ attorney, Joseph Murray, said the settlement should not be taken as an admission of wrongdoing. In a statement quoted by the Washington Examiner, Murray said Santos chose to resolve the inquiry without admitting the commission’s allegations, findings, or conclusions.
The source report did not provide more detail on the specific trades at issue, when the CFTC inquiry began, or whether any criminal charges were involved.
What readers can watch next is whether regulators disclose additional details about the case or pursue similar enforcement actions involving prediction-market trading. For now, the confirmed outcome is limited to the civil settlement, profit disgorgement, and Santos’ three-year ban from trading.
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Source: As reported by washingtonexaminer.com.
