Add as a preferred source on GoogleKalshi CEO Says Santos Contract Drew 100 Whistleblower Complaints Within Minutes
He pointed to former Rep. George Santos’ State of the Union contract; the CFTC found Santos traded it while making misleading statements about his plans.
Kalshi CEO Tarek Mansour said the exchange received 100 whistleblower complaints within minutes over a contract on former Rep. George Santos’ State of the Union attendance. He argued that visible trading can help expose misconduct.
In a July 31 order, the Commodity Futures Trading Commission (CFTC) found Santos traded the attendance contract while making misleading public statements about whether he planned to attend. Santos agreed to disgorge $17,569.98, pay a $17,500 civil penalty and accept a three-year trading ban.
The CFTC’s Oct. 9 proposal would define event contracts tied to sports, politics, culture and weather as swaps. The agency also issued an interim final rule excluding sportsbook wagers and casino games from that definition. The actions add a federal dimension to the court fight over state authority to regulate Kalshi’s sports contracts.
Public comments on both CFTC actions are due within 30 days of publication in the Federal Register.
Riza Dagoc
Riza Dagoc reports on regulation, investing and the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.