According to Bloomberg Markets, former Congressman George Santos has agreed to settle allegations that he engaged in manipulative trading practices on the prediction market platform Kalshi. The settlement requires Santos to pay more than $35,000 related to a wager concerning his potential attendance at the 2026 State of the Union address.
The case highlights regulatory scrutiny around prediction markets and the conduct of participants who may have outsized influence over contract outcomes. Kalshi, which allows traders to wager on real-world events, has faced increased attention from regulators as prediction market platforms expand their user bases and trading volumes.
This settlement adds to the legal and financial challenges facing Santos following his resignation from Congress amid a series of controversies and investigations into his conduct and campaign practices.
