Kalshi bans George Santos for life over State of the Union bets

In Brief Posted: 11:53 AM PDT · August 31, 2026 Image Credits: Anna Moneymaker/Getty Images / Getty Images Kirsten Korosec Kalshi bans George Santos for life over State of the Union bets Kalshi has banned former Republican Rep. George Santos from its platform for life, the first time the prediction market company has taken such an action. Kalshi also penalized and suspended several political candidates accused of betting on their own races, including Ben Midgely , who ran and lost in the Republican primary for Maine’s gubernatorial race; Laurie Buckhout, a Republican congressional nominee; and former California gubernatorial candidate Stephen Cloobeck . The Santos ban follows allegations that he bet on whether he would attend President Trump’s State of the Union address, allegedly making $17,839 on the wager. Kalshi’s compliance department said it “ established reasonable cause ” to believe that Santos had placed bets connected to his own attendance at the event. Kalshi also fined Santos $71,356 over the activity. “As a person capable of influencing the outcome of the underlying event, Santos was prohibited from trading in this market,” Kalshi wrote, accusing him of making public statements about his attendance to impact the odds. Santos responded on X : “Hey @Kalshi thanks for the lifetime ban from your gambling platform. Let’s see how much longer you guys are around for.” The move follows a separate CFTC settlement two months earlier over the same conduct, in which Santos agreed to pay an additional $35,000. The WSJ was the first to report on the ban. Topics Fintech , Kalshi October 13 – 15 San Francisco Don’t miss out . The startup community will gather to answer a pivotal question: How do you build sustainably in the AI era? REGISTER NOW Newsletters See More Subscribe for the industry’s biggest tech news TechCrunch Daily News Every weekday and Sunday, you can get the best of TechCrunch’s coverage. TechCrunch Mobility TechCrunch Mobility is your destination for transportation news and insight. Startups Weekly Startups are the core of TechCrunch, so get our best coverage delivered weekly. StrictlyVC Provides movers and shakers with the info they need to start their day. No newsletters selected. Subscribe By submitting your email, you agree to our Terms and Privacy Notice . Related Government & Policy Harvard Law dropout raises $6M for Blue Voice to build a “Harvey for police officers” Marina Temkin 19 minutes ago Security Hackers claim millions of patient records stolen during data breach at healthcare giant McKesson Zack Whittaker 44 minutes ago Fintech Ryan Breslow is raising up to $27M in pay-to-play bridge funding to save Bolt Marina Temkin 2 hours ago Latest in Fintech In Brief Kalshi bans George Santos for life over State of the Union bets Kirsten Korosec 12 seconds ago Fintech Ryan Breslow is raising up to $27M in pay-to-play bridge funding to save Bolt Marina Temkin 2 hours ago Fintech Walmart to finally start accepting Apple Pay and Google Pay Sarah Perez Aug 21, 2026