CFTC Orders George Santos to Pay $35,000 for Manipulative Trading of State-of-the-Union Event Contract

The Commodity Futures Trading Commission (CFTC) has filed and settled charges against former Congressman George Santos for manipulating a contract related to the 2026 State of the Union (SOTU) event. Santos traded a contract titled “Who will attend the State of the Union?” during February 2026, controlling the underlying event and influencing the contract's price through social media posts. Santos made material misrepresentations and omissions about his attendance plans, which affected the contract's price in a manner favorable to his positions. As a result, Santos made over $17,500 from this activity.

Under the order, Santos must disgorge the profits totaling $17,569.98 and pay a civil monetary penalty of $17,500. Additionally, he has agreed to a cease and desist order from further violations of the Commodity Exchange Act and regulations, along with a three-year trading ban.

This enforcement action highlights the regulatory oversight of event contracts and the importance of fair trading practices in the derivatives market. The case underscores the potential for manipulation when individuals control underlying events and use social media to influence market prices.