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Your Personal Daily Intelligence
Edition 2026-08-03

POLITICS

George Santos Fined $35,000 and Banned from Kalshi After State of the Union Betting Activity

The Commodity Futures Trading Commission announced on Friday that former congressman George Santos was fined $35,000 and prohibited from the prediction‑market platform Kalshi fo...

By motherjones · 83d ago · Source: motherjones

Full article

The Commodity Futures Trading Commission announced on Friday that former congressman George Santos was fined $35,000 and prohibited from the prediction‑market platform Kalshi for three years. The agency said Santos posted on social media about his plans to attend the February State of the Union address, made statements that were inaccurate, and profited about $17,500 when the contract price moved in his favor. A video posted on X the day before the address showed him saying he would be present in the gallery. He later did not appear. Santos was expelled from Congress in 2023 after convictions for identity theft and campaign‑fund misappropriation, and served a reduced prison term after a commutation by former President Donald Trump. His lawyer, Joseph Murray, said Santos had no intent to deceive or manipulate the market. Santos has posted on X multiple times in the past 24 hours, describing Kalshi as predatory and urging regulation of the platform as a gambling site. The CFTC action is part of broader scrutiny of political betting activity. The commission has not indicated whether additional penalties will be imposed, and Santos has not responded to requests for comment.

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Publisher
motherjones
Reliability
high
Published
8/3/2026, 10:00:27 AM
Retrieved
8/3/2026, 10:00:27 AM
Relevance
80%
Confidence
85%
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