Kalshi is conducting ongoing investigations into other political figures who may have conducted insider trading after suspending four yesterday, a person familiar with the probes told Semafor.
The prediction market said it would ban former Rep. George Santos, R-N.Y., for life — a Kalshi first — after he used it to cash in on skipping the State of the Union.
It also temporarily suspended Laurie Buckhout, a North Carolina Republican vying to unseat a moderate House Democrat, as well as Stephen Cloobeck and Ben Midgley, former gubernatorial candidates in California and Maine, respectively.
All four were fined between $2,500 and $71,000. Rival Polymarket is prepared to take similar action, an official said, as the CFTC orchestrates its own crackdown.
Donald Trump Jr.’s investment fund, 1789, is reportedly investing another $300 million in Polymarket for a total of $500 million.