These political candidates got caught red-handed.
Prediction market Kalshi announced in a press release that two Democrat candidates and one Republican candidate have been suspended and fined after engaging in insider trading on the platform.
According to the press release, the political candidates placed prediction trades on the outcomes of their own elections.
NBC News reported that Mark Moran, a Democrat running for a U.S. Senate seat in Virginia, Matt Klein, a Democrat running for Minnesota’s 2nd Congressional District, and Republican Ezekiel Enriquez, who previously ran in the Republican primary for Texas’ 21st Congressional District, have all been fined and suspended by Kalshi.
Kalshi said it had issued fines and given a five-year suspension to 3 political candidates who made trades related to their own elections. https://t.co/2rOScts5fK
— Business Insider (@BusinessInsider) April 22, 2026
Per NBC News:
Prediction market Kalshi said Wednesday that it had fined and suspended three political candidates for trading on their own races during primary campaigns.
“Just like in traditional financial markets, bad actors will try to cheat,” Kalshi said in a statement. “These three cases are an example of how developing proactive engineering solutions can help identify illicit trading activity.”
Kalshi described the actions taken by the politicians as “political insider trading.”
The fines ranged from $539 to more than $6,200, while the suspensions from Kalshi are set to last five years.
The candidates include Matt Klein, who is running in the Democratic primary for Minnesota’s 2nd Congressional District; Ezekiel Enriquez, who ran in the Republican primary for Texas’ 21st Congressional District; and Mark Moran, who is running in the Democratic primary for a U.S. Senate seat in Virginia.
Previously, Kalshi did not fine or suspend candidates betting on their own campaigns, but after Sen. Adam Schiff, D-Calif., and Sen. John Curtis, R-Utah, introduced the “Prediction Markets are Gambling Act,” the company reversed course.
The new bipartisan legislation aims to ban prediction markets from creating contracts related to sporting events.
Fortune reported that states and Native Tribes have also filed legal challenges that claim Kalshi is running an “unlicensed gambling operation.”
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