Kalshi, the prediction market platform, has permanently banned former Republican Representative George Santos of New York. The action follows allegations that Santos traded on whether he would attend this year's State of the Union address, a practice the company considers illegal.
The ban was reported by CNBC on August 31, 2026. Santos, who served in the House, has drawn fire for the trades, which involve a market on his own attendance at the annual presidential address.
A ban tied to self-referential trading
Kalshi's decision centers on Santos's alleged use of a contract that paid out based on his own appearance at the State of the Union. Such trading, where a participant bets on an event they can influence, is typically prohibited under platform rules.
The company did not specify the exact terms of the ban or the evidence it reviewed. CNBC's report does not include a statement from Santos or Kalshi.
What the allegations involve
According to CNBC, Santos has "drawn fire" for the trades, indicating public criticism. The report does not detail the size of the positions or the dates of the trades.
- Former GOP Rep. George Santos, of New York
- Alleged trading on State of the Union attendance
- Permanent ban by Kalshi
The open question
Kalshi has not said whether it will refer the matter to regulators or whether Santos will face further consequences. The platform's next steps, and any response from Santos, remain unclear as of the report's publication.