Kalshi issues first lifetime ban for Republican politician over insider bets
Kalshi permanently banned former Rep. George Santos from trading and fined him $71,356, and suspended North Carolina congressional candidate Laurie Buckhout for three years with a $2,590 penalty. The company said both traded on event contracts tied to outcomes they could influence, which violates its rules barring traders who are decision-makers or have any influence over a contract’s underlying event. Buckhout had entered a market after announcing her candidacy in North Carolina’s 1st district; Santos traded in markets related to his planned attendance at the 2026 State of the Union. Kalshi’s action is one of its harshest enforcement moves since launching in 2021, amid growing scrutiny of prediction markets over possible manipulation and a wider legal fight with state regulators over whether such contracts are lawful.
