Gate News message, April 23 — Prediction markets platform Kalshi has fined and suspended three congressional candidates for wagering on the outcomes of their own campaigns, stepping up enforcement of insider trading controls.
Mark Moran, running for a Senate seat in Virginia, received a $6,229 penalty, was ordered to return profits from trades in two markets related to his campaign, and was banned from Kalshi for five years. Matt Klein, a Democratic senator running for a House seat in Minnesota, was fined $540 and suspended for five years. Ezekiel Enriquez, who ran for a House seat in a Texas Republican primary, received a $784 fine and was barred from the platform for five years. According to Kalshi’s regulatory documents, Klein and Enriquez each purchased less than $100 in contracts related to their races.
In response, Moran stated on X that he traded on Kalshi because he “wanted to get caught,” citing concerns about potential manipulation on rival prediction markets. Klein said he wagered out of curiosity but complied with the platform’s penalty after being informed his action violated rules. Bobby DeNault, Kalshi’s enforcement and legal counsel, stated: “Regardless of the size of a trade, political candidates who can influence a market based on whether they stay in or out of a race violate our rules. No matter how small the size of the trade, any trade that is found to have violated our exchange rules will be punished.” Kalshi and rival Polymarket have strengthened insider trading safeguards following pressure from U.S. lawmakers to impose tighter restrictions on prediction markets.
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