Kalshi imposes first lifetime ban on George Santos over State of the Union bet

Kalshi permanently banned former Rep. George Santos for life and fined him $71,356 after finding he manipulated a market on whether he would attend the State of the Union, profiting about $17,500. The ban is Kalshi's first-ever lifetime sanction, and it follows a separate July settlement with the CFTC in which Santos disgorged profits, paid a $35,000 civil penalty, and received a three-year trading ban. Santos publicly criticized Kalshi on X, while the exchange cited lack of cooperation during the investigation as a factor in the lifetime ban. The case is part of a broader crackdown on insider trading and market manipulation in prediction markets, with other candidates such as Laurie Buckhout also receiving suspensions. Kalshi's actions occur amid ongoing regulatory scrutiny of prediction markets and political trading across platforms.