Former Representative George Santos is under federal scrutiny for potential insider trading. Authorities are examining whether he wagered against his appearance at President Trump’s State of the Union address during a prediction market event.
Before the speech, Santos stated via social media his intent to attend. His potential presence sparked debate among bettors at Kalshi, a prediction platform. Santos later skipped the speech, raising questions about his betting actions.
Kalshi noticed Santos bet he wouldn’t attend, reportedly referring the case to the Justice Department and the Commodity Futures Trading Commission (CFTC). Sources suggest the CFTC is investigating, but it’s unclear if the Justice Department has started its probe.
Interest in prediction markets grows amid efforts to curb insider trading. Kalshi, linked to the president’s business circle, appointed Donald Trump Jr. as a strategic advisor last year.
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