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

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

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. The settlement includes the return of over $17,000 in profits Santos made from the trades and a $17,500 fine. Additionally, Santos faces a three-year trading ban. The investigation centered on Santos betting against his attendance at President Trump's State of the Union address, despite publicly stating his intention to attend. Santos, who did not admit to any wrongdoing, opted for a settlement to avoid prolonged litigation. Kalshi, which reported Santos to regulators, plans to pursue its own enforcement actions and aims to reimburse affected traders.
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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 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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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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CFTC Orders Former Rep. George Santos to Pay $35,000 for Kalshi Trades

CFTC Orders Former Rep. George Santos to Pay $35,000 for Kalshi Trades

The Commodity Futures Trading Commission (CFTC) has ordered former Republican Congressman George Santos to pay $35,000 for trading on Kalshi event contracts related to the State of the Union attendance. Santos is banned from trading for three years and must pay a civil penalty of $17,500, in addition to forfeiting $17,569.98 in profits. The CFTC found that Santos' social media posts influenced contract prices, benefiting his positions. Santos settled the matter without admitting to the CFTC's allegations.
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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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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.
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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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White House Teleprompter Operator Accused of Insider Betting No Longer Employed

White House Teleprompter Operator Accused of Insider Betting No Longer Employed

Gabriel Perez, a White House teleprompter operator, is no longer employed by the federal government following allegations of insider betting on prediction markets. Perez reportedly used his position to place bets on President Trump's speeches, earning over $100,000. The White House confirmed Perez was placed on unpaid leave after the allegations surfaced. The case has drawn attention to the growing prediction market industry, which allows users to bet on public events. The Commodity Futures Trading Commission is involved in investigating the matter, highlighting regulatory challenges in this emerging market.