Commodity Futures Trading Commission
CFTC order settling charges against George Santos over a Kalshi contract
CFTC Docket No. 26-05
Entered
CFTC orderSettled; respondent neither admitted nor denied
Cite this page
Bluebook
CFTC Order Against George Santos (July 31, 2026): The Kalshi State of the Union Trades, Prediction Market Laws (last updated Nov. 7, 2026), https://predictionmarketlaws.com/documents/cftc-santos-order.
APA
Prediction Market Laws. (2026, November 7). CFTC Order Against George Santos (July 31, 2026): The Kalshi State of the Union Trades. https://predictionmarketlaws.com/documents/cftc-santos-order
The CFTC found that former Rep. George Santos traded Kalshi's contract on whether he would attend the Feb. 24, 2026 State of the Union while posting that he would attend, without disclosing that his flight and train had been cancelled or that he had exited his Yes position. He accepted the order without admitting or denying the findings.
What the CFTC found
- The trades. Santos built a position of 30,874 Yes contracts on whether he would attend, then a position of 23,855 No contracts, according to the order.
- The statements. He posted on X that he would attend while his travel had been cancelled, and did not disclose the cancellations or that he had exited his Yes position.
- Violations found. Commodity Exchange Act Section 6(c)(1) and CFTC Regulation 180.1(a)(1) and (a)(3), the anti-fraud and anti-manipulation rules.
- Sanctions. A $17,500 civil penalty, disgorgement of $17,569.98, a three-year trading ban and a cease-and-desist order.
Why it matters
The order applies the CFTC's general anti-fraud rule to trading on an event contract, the same rule it uses in other futures markets.
Where it fits in the case
CFTC settlement with George Santos (State of the Union contract)Commodity Futures Trading Commission (administrative proceeding), CFTC Docket No. 26-05
- The CFTC entered a settled order instituting proceedings (CFTC Docket No. 26-05), finding violations of CEA Section 6(c)(1) and Regulation 180.1(a)(1) and (3), and imposing disgorgement of $17,569.98, a $17,500 civil monetary penalty and a three-year trading ban. This order
Read and cite it
Cite the order
In re Santos, CFTC No. 26-05 (July 31, 2026).
Cite this summary
Prediction Market Laws, CFTC order settling charges against George Santos over a Kalshi contract (read Nov. 7, 2026), https://predictionmarketlaws.com/documents/cftc-santos-order.