U.S. Regulators Probing Former Rep. George Santos for Insider Trading -- WSJ

Dow Jones06-03

By Dave Michaels and Krystal Hur

WASHINGTON -- Federal regulators are probing whether former Rep. George Santos traded illegally in a contract that referenced his own appearance at this year's State of the Union address, according to a person familiar with the matter.

In late February, prediction market Kalshi informed the Commodity Futures Trading Commission and Justice Department about suspected trading, people familiar with the referral said. Santos was said to have placed a bet on a contract that asked whether he would appear at the president's annual address to Congress at the U.S. Capitol, the people said.

The CFTC has opened an investigation, one of the people said. The Justice Department has also received Kalshi's referral, another of the people said.

Santos didn't attend the speech and allegedly placed a bet that he would not. Kalshi's rules prohibit market participants from trading on contracts that they can influence.

Santos couldn't be reached for comment.

NPR first reported Santos's alleged trading on Kalshi and the exchange's referral to law enforcement.

Write to Dave Michaels at dave.michaels@wsj.com and Krystal Hur at krystal.hur@wsj.com

(END) Dow Jones Newswires

June 03, 2026 11:02 ET (15:02 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.

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