Kalshi Issues First Lifetime Ban to George Santos Over Insider Bets.

Prediction market Kalshi issued its first-ever lifetime ban on Monday against former Republican New York Rep. George Santos.

The ban stems from alleged insider bets Santos placed on whether he would attend the 2026 State of the Union address. Santos made $17,839 in profit from his trading activity after betting that he would not attend the event, and he did not attend. He had previously teased his attendance, then posted on X that he was watching the event from an airport TV.

As a result of the ban, Santos will not be able to access the prediction market either directly or indirectly. He also faces a $71,356 penalty. Santos reacted to the ban on X, calling Kalshi an unserious company and accusing them of violating their own notices. Kalshi stated the ban was a result of Santos refusing to fully cooperate with its investigation.

In July, Santos agreed to pay over $35,000 to settle Commodity Futures Trading Commission claims that he made misrepresentations on social media and improperly traded. His lawyer, Joseph Murray, previously stated Santos agreed to pay the settlement to avoid litigation, and that the decision should not be mistaken for admission of any wrongdoing. Santos has also been banned from trading on all platforms for three years. President Donald Trump's oldest son, Don Jr., is a strategic adviser for Kalshi.