Kalshi Issues First Lifetime Ban to Ex-Congressman George Santos Over Insider Trading

According to the disciplinary record cited by BitKE, Kalshi wrote that Santos placed a series of large trades in a market whose contracts depended on his own attendance at the event. Kalshi also said he made public statements, some of them false or misleading, intended to move the prices of the Yes and No contracts. Santos did not attend the event.

CoinDesk reported that the platform banned Santos for manipulation as part of the prediction market industry's continuing efforts to demonstrate it is addressing bad behavior. BitKE described the action as a step in how prediction markets may police insider trading, extending market-integrity enforcement beyond traditional financial exchanges.

The market structure bill fell short of the 60 votes needed to advance in the Senate, with Bitcoin dipping as the result became clear.