Federal authorities are examining trading by former U.S. Representative George Santos on the prediction market Kalshi, according to reports citing people familiar with the matter.
Kalshi flagged wagers tied to whether Santos would attend President Donald Trump’s State of the Union address in February 2026. Santos had posted publicly that he planned to be in the gallery, but he did not attend the speech on February 24.
The platform froze the account, identified it as belonging to Santos, and referred the activity to the Commodity Futures Trading Commission and the Department of Justice. Investigators are reviewing whether public statements affected market odds.
Santos told NPR he was not aware of an insider trading investigation and declined to confirm whether he held a Kalshi account. Prediction markets have faced growing scrutiny over safeguards against trading on non-public information.
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Sources:
Just Security – A Forum on Law, Rights, and U.S. National Security