George Santos settles with CFTC over Kalshi bets

Technology George Santos settles with CFTC over Kalshi bets Comments: by Julia Shapero - 07/31/26 4:43 PM ET Comments: Link copied by Julia Shapero - 07/31/26 4:43 PM ET Comments: Link copied

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Former Rep. George Santos (R-N.Y.) has agreed to pay $35,000 to settle with the Commodity Futures Trading Commission (CFTC) over wagers he placed on the State of the Union earlier this year on Kalshi, the agency announced Friday.

Santos placed bets on whether he would attend President Trump’s address in February, while also posting on social media about his potential attendance, the CFTC said. He ultimately made more than $17,500.

The former congressman will forfeit his winnings and pay an additional $17,500 fine as part of the settlement, the CFTC said. He also faces a three-year trading ban.

“Mr. Santos has agreed to resolve the CFTC’s inquiry and to put this matter behind him. Critically, and consistent with how these regulatory matters are commonly resolved, Mr. Santos has settled without admitting any of the Commission’s allegations, findings, or conclusions,” his attorney, Joseph Murray, said in a statement.

“He chose a prompt, practical resolution rather than protracted, costly litigation, and that choice should not be mistaken for an admission of any wrongdoing, because it is not one,” Murray continued.

In the days leading up to the State of the Union in February, Santos made a series of posts about his plans for the event. After having wagered that he would be attending, the former congressman posted about what he should wear. The price increased and he exited the market with a profit, according to the CFTC.

However, due to bad weather, Santos’s flight to Washington was canceled. While he posted about travel difficulties, he later said in a video that he would be attending.

The former congressman ultimately began shifting his wager toward him not being in attendance, and his train reservation was canceled. He did not post about this development but revealed on the day of the address that he was stuck at the airport would not make it, resulting in nearly $14,400 in gains, the agency noted.

His attorney underscored in a press release that the State of the Union marked Santos’s first time wagering on a prediction market and that it was his “genuine intention” to attend the event.

“Mr. Santos concealed neither his intention to attend, nor his change of plans to not attend the SOTU, from anyone,” the release noted. “There was absolutely no intent to deceive any person, nor intent to manipulate any market.”

Santos was expelled from Congress in 2023 and later convicted of multiple counts of wire fraud and aggravated identity theft. He served three months in prison before Trump commuted his sentence last October.

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