CFTC chair Mike Selig said the agency established a prediction markets advisory to help catch insider traders, warning there would be consequences.
A former contender for governor of California has been banned from Kalshi after betting on his own candidacy last year in violation of the platform’s insider trading policy, the prediction market platform said on Wednesday.
According to a statement from Kalshi’s head of enforcement, Robert DeNault, the politician bet about $200 on his candidacy for governor of California and posted about it on X, leading to a five-year suspension on the prediction market platform and a $2,000 penalty.
Kalshi did not name the politician. However, details in the enforcement summary align with public posts by Kyle Langford, a former Republican turned Democrat who is now running for election to the US House representing California’s 26th Congressional District.
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