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George Santos Settles Federal Probe Over Kalshi Trades with $35,000 Payment

George Santos Settles Federal Probe Over Kalshi Trades with $35,000 Payment

Former congressman George Santos has agreed to a $35,000 settlement with the Commodity Futures Trading Commission (CFTC) over allegations of unlawful trading on the prediction marketplace Kalshi. Santos, who previously served as a Republican lawmaker from New York, was investigated for betting against his own attendance at President Trump's State of the Union address. The settlement includes a fine and a three-year trading ban, although Santos did not admit to any wrongdoing. Kalshi, which reported Santos to regulators, plans to pursue its own enforcement action and aims to reimburse affected traders. The case has drawn attention to the fragility of prediction markets and the ethical considerations of public figures engaging in such trades.
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George Santos agrees to $35,000 settlement in federal probe over Kalshi trades

George Santos agrees to $35,000 settlement in federal probe over Kalshi trades

Disgraced former Congressman George Santos has agreed to pay $35,000 to settle a federal investigation into his suspicious trades on the prediction marketplace Kalshi
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US Commodity Futures Trading Commission fines George Santos for alleged manipulative trading

US Commodity Futures Trading Commission fines George Santos for alleged manipulative trading

WASHINGTON, July 31 (Reuters) - The top U.S. derivatives regulator said on Friday it had ordered former Republican Representative George Santos to pay $35,000 for alleged manipulative trading.
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New York sues prediction market platform Kalshi alleging 'illegal gambling operation'

New York sues prediction market platform Kalshi alleging 'illegal gambling operation'

New York officials have sued prediction market platform Kalshi, calling it an “illegal, unlicensed gambling operation” as the state seeks to halt its operations and force the company to forfeit its profits
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New York sues Kalshi, says its prediction markets are illegal gambling

New York sues Kalshi, says its prediction markets are illegal gambling

By Jonathan Stempel NEW YORK, July 31 (Reuters) - New York's attorney general sued Kalshi on Friday, claiming that its prediction market platform violates state laws against illegal gambling.
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New York sues Kalshi, says prediction markets constitute illegal gambling

New York sues Kalshi, says prediction markets constitute illegal gambling

By Jonathan Stempel NEW YORK, July 31 (Reuters) - New York's attorney general sued Kalshi on Friday, claiming that its prediction markets platform violates state laws against illegal gambling.
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Legal Loopholes Allow Betting on Hawaiian Politics Despite State's Gambling Ban

Legal Loopholes Allow Betting on Hawaiian Politics Despite State's Gambling Ban

In Hawaii, prediction market platforms like Kalshi and Polymarket are operating legally despite the state's ban on gambling. These platforms allow users to bet on political events and outcomes, such as the potential resignation of Lt. Gov. Sylvia Luke. The platforms exploit a legal loophole by operating under federal commodities law, which permits them to function even in states with strict gambling prohibitions. This situation has sparked legal challenges and debates over the regulation of prediction markets, with some states attempting to impose restrictions. The Commodity Futures Trading Commission, which oversees these markets, argues for federal regulation, while some state officials express concerns about potential insider trading and addiction risks.
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Coinbase Faces Quarterly Loss Amidst Crypto Market Downturn, Analysts Support Diversification Strategy

Coinbase Faces Quarterly Loss Amidst Crypto Market Downturn, Analysts Support Diversification Strategy

Coinbase Faces Quarterly Loss Amidst Crypto Market Downturn, Analysts Support Diversification Strategy
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44 States Challenge CFTC's Authority Over Sports Prediction Markets

44 States Challenge CFTC's Authority Over Sports Prediction Markets

A coalition of 44 state attorneys general has challenged the Commodity Futures Trading Commission's (CFTC) authority to regulate sports-related event contracts on prediction market platforms. In a letter, the states argue that the CFTC's proposed rule overreaches its statutory powers and conflicts with state laws governing sports betting. The letter was submitted as the public comment period for the CFTC's rule expired. The CFTC maintains that event contracts are swaps under its jurisdiction, while states assert that these contracts resemble sports betting, which falls under state regulation.
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Federal Court Blocks Minnesota's Ban on Prediction Markets

Federal Court Blocks Minnesota's Ban on Prediction Markets

A federal court has issued a preliminary injunction blocking Minnesota from enforcing a new law that would have banned prediction markets. The law, which was set to take effect on August 1, was challenged by the Trump administration and major prediction market platforms, Kalshi and Polymarket. The U.S. Commodity Futures Trading Commission (CFTC) argues that it has exclusive authority to regulate these platforms under federal law. The court's decision highlights the legal debate over whether event contracts offered by prediction markets qualify as 'swaps,' which are regulated by the CFTC. The ruling prevents Minnesota from implementing a total ban, although the state may still be able to restrict certain types of prediction-market wagers.
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Federal Judge Blocks Minnesota's Prediction Market Ban, Impacting State Regulation

Federal Judge Blocks Minnesota's Prediction Market Ban, Impacting State Regulation

Federal Judge Blocks Minnesota's Prediction Market Ban, Impacting State Regulation
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White House Teleprompter Operator Dismissed Over Betting on President Trump's Speeches

White House Teleprompter Operator Dismissed Over Betting on President Trump's Speeches

A teleprompter operator at the White House, Gabriel Perez, has been dismissed following allegations of using insider knowledge to place bets on President Trump's speeches. The operator was initially placed on unpaid leave after reports surfaced that he had profited over $100,000 by betting on the content of the President's speeches through the online prediction market Kalshi. The White House confirmed Perez's departure, though it remains unclear whether he resigned or was terminated. The situation was flagged by Kalshi's surveillance team and reported to the U.S. Commodity Futures Trading Commission, which oversees such trading activities.