George Santos was fined $35,000 by the CFTC for attempting to manipulate prediction markets during the State of the Union.
The Commodity Futures Trading Commission announced that former congressman George Santos was fined $35,000 for attempting to manipulate the prediction-market platform Kalshi. Santos placed bets on his own attendance at the State of the Union address in February, subsequently posting social media updates that influenced the market prices in his favor. These posts included a misrepresentation of his plans to attend, which ultimately allowed him to earn over $17,500 in gains. Santos was previously expelled from Congress in 2023 following various charges, including identity theft and the misuse of campaign funds. While his lawyer, Joseph Murray, stated that Santos had no intent to deceive the market, the former congressman has since criticized Kalshi as a predatory platform. He has expressed a desire to see the platform regulated as a gambling platform and has threatened to have it legislated out of existence.