George Santos pays $35,000 to settle CFTC Kalshi case

Former U.S. Representative George Santos agreed on Friday, July 31, 2026, to pay $35,000 to settle a federal investigation into manipulative trading on the prediction market platform Kalshi. The Commodity Futures Trading Commission (CFTC) alleged that Santos profited by betting against his own public statements about attending President Donald Trump's State of the Union address in February.

The settlement requires Santos to disgorge $17,569.98 in profits and pay an equal amount as a civil penalty. He also agreed to a three-year ban from trading on such prediction markets. Santos did not admit or deny the CFTC's findings as part of the resolution.

According to the CFTC, Santos engaged in a scheme in the weeks leading up to the February address. He made public statements on social media about his plans to attend, which influenced the price of contracts on Kalshi that allowed users to bet on whether he would be present. The agency stated that Santos then traded on those price movements for personal gain. In one instance cited by regulators, Santos posted about what he should wear to the speech while holding a "yes" position on his attendance; after the post caused the price to...