Former Representative George Santos (R-N.Y.) has agreed to pay $35,000 to settle with the Commodity Futures Trading Commission (CFTC) over bets he placed on Kalshi regarding his attendance at President Trump’s State of the Union address in February 2026, the agency announced on Friday, July 31st, 2026.

According to the CFTC, Santos wagered on whether he would attend the address and posted about his potential attendance on social media. After placing the bets, he posted about what he should wear and, despite mentioning travel difficulties, later confirmed in a video that he would be attending. The price of the bets increased, and Santos exited the market with a profit.

As part of the settlement, Santos will forfeit his winnings and pay an additional $17,500 fine. Santos’ attorney, Joseph Murray, stated that the settlement was reached without Santos admitting to any of the Commission’s allegations, findings, or conclusions. Murray emphasized that Santos chose a "prompt, practical resolution rather than protracted, costly litigation," and that this should not be interpreted as an admission of wrongdoing.

Santos has agreed to resolve the CFTC’s inquiry and move forward from the matter.

Sources