Commodity Futures Trading Commission
CFTC order over trading on advance copies of the President's speeches
CFTC Docket No. 26-06 · 12 pages
Entered
CFTC orderSettled; respondent neither admitted nor denied
Cite this page
Bluebook
CFTC Order Against Gabriel Perez (Aug. 28, 2026): Trading Trump Mention Markets on Kalshi, Prediction Market Laws (last updated Nov. 7, 2026), https://predictionmarketlaws.com/documents/cftc-perez-order.
APA
Prediction Market Laws. (2026, November 7). CFTC Order Against Gabriel Perez (Aug. 28, 2026): Trading Trump Mention Markets on Kalshi. https://predictionmarketlaws.com/documents/cftc-perez-order
The CFTC found that Gabriel Perez, a federal employee who operated the teleprompter at President Trump's speaking engagements, used advance copies of the President's speeches to trade Kalshi contracts on which words the President would say. He accepted the order without admitting or denying the findings.
What the CFTC found
- The conduct. From December 2025 to March 2026, Perez reviewed prepared speeches before delivery and bought Yes contracts on words in them and No contracts on words that were not, according to the order.
- The results. 43 contracts across 14 mention markets, profitable on 39, for a profit of $107,539.02.
- Violations found. Commodity Exchange Act Sections 4c(a)(3), 4c(a)(4)(C) and 6(c)(1), and CFTC Regulation 180.1(a)(1) and (a)(3). The order describes misappropriation of nonpublic government information.
- Sanctions. Disgorgement of $107,539.02, a $65,000 civil penalty that the order says was reduced about 40 percent for cooperation, a three-year trading ban and a cease-and-desist order.
Why it matters
Unlike the Santos order, this one relies on the Commodity Exchange Act's ban on trading with nonpublic information taken from the federal government, Section 4c(a)(4)(C).
Where it fits in the case
CFTC settlement with Gabriel Perez (presidential mention contracts)Commodity Futures Trading Commission (administrative proceeding), CFTC Docket No. 26-06
- The CFTC entered a settled order (CFTC Docket No. 26-06) finding violations of CEA Sections 4c(a)(3), 4c(a)(4)(C) and 6(c)(1) and Regulation 180.1(a)(1) and (3), with disgorgement of $107,539.02, a $65,000 civil monetary penalty and a three-year trading ban. This order
Read and cite it
Cite the order
In re Perez, CFTC No. 26-06 (Aug. 28, 2026).
Cite this summary
Prediction Market Laws, CFTC order over trading on advance copies of the President's speeches (read Nov. 7, 2026), https://predictionmarketlaws.com/documents/cftc-perez-order.