Person
Former Republican U.S. Representative from New York, expelled from Congress in 2023 after fraud allegations and later convicted of federal crimes.
Kalshi CEO Tarek Mansour said on October 14 that public trade data makes insider trading easy to catch, citing a case that drew about 100 complaints. The CFTC order against Santos was for manipulation, and New Jersey has asked the Supreme Court to review state authority over the contracts.
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Former Representative Adam Kinzinger is under CFTC investigation over Kalshi bets on his own pardon that made him $823, Politico reported. Exchanges listing markets on named people must now decide whether being a contract's subject is enough to bar a trade.
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Wired's FOIA request turned up CFTC voting records for private investigations into pardon, Iran and Google contracts. Two of the three were signed within weeks of a broadcast report on the same trades.
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The Division of Market Oversight's September 22 advisory leaves mention markets legal, and it tells exchanges that a contract settling on one named person's conduct starts from a heightened manipulation risk they must answer contract by contract.
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The exchange's penalty came in at roughly double the CFTC's settlement over the same trades, which makes this the first case where a prediction-market venue priced its own integrity failure higher than its regulator did.
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Both of the CFTC's event-contract settlements began as Kalshi referrals, so the exchange is now funding securities-style trade surveillance in the same week the Ninth Circuit declined to shield it from Nevada gambling law.
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