George Santos Settled With the CFTC but Kalshi Wasn’t Finished
Former Congressman George Santos has been permanently barred from trading on Kalshi, the first permanent ban the prediction market has ever handed down, according to reporting by Sarah Wynn at The Block. In a notice of settlement of disciplinary action filed Monday, Kalshi said Santos broke its rules by trading a contract on whether he would attend the State of the Union address. He was ordered to pay a fine of just over $71,000.
The language in the notice is procedural rather than dramatic. Kalshi's compliance department said it had established "reasonable cause to believe" that Santos traded in certain markets tied to his own attendance at the address. No confession, no narrative, just a finding and a sanction.
That understatement is doing a lot of work. This is a private company deciding, without a statute telling it to, that a former member of Congress should never be allowed...
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