Polymarket Ends George Santos Deal as CFTC Probes Bets on 1 State of the Union
Updated
Updated · The Associated Press · Jun 3
Polymarket Ends George Santos Deal as CFTC Probes Bets on 1 State of the Union
3 articles · Updated · The Associated Press · Jun 3
Summary
Polymarket said it is terminating its paid influencer contract with George Santos after revelations that federal regulators are investigating his trades on rival platform Kalshi.
Feb. 24 bets on whether Santos would attend President Donald Trump’s State of the Union were flagged by Kalshi and referred to the CFTC after Santos had publicly said he planned to be there.
Santos later missed the speech, blamed a delayed flight and called the allegation “preposterous,” while saying his legal team was in touch with the Justice Department.
CFTC enforcement officials have recently warned that insider-trading rules apply to prediction markets, though experts said Santos’s alleged conduct may look more like market manipulation than classic insider trading.
The case lands as Washington backs prediction-market operators despite scrutiny over industry oversight, and after prosecutors last week charged a Google engineer over allegedly using nonpublic data in Polymarket wagers.