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Predictions Marketplace Fines Three Candidates for ‘Political Insider Trading’

One congressional hopeful says he has no plans to pay the fine; ‘I’ll take them to court if I have to’

By Brian Schwartz and Victoria Albert, WSJ

April 22, 2026 6:29 pm ET

Kalshi, a predictions marketplace, fined and suspended three congressional candidates for “political insider trading” —betting on their own races.

Predictions marketplace Kalshi said it had fined and suspended three congressional candidates for betting on their own races.

Minnesota State Sen. Matt Klein and congressional hopefuls Ezekiel Enriquez and Mark Moran each engaged in what the platform called “political insider trading,” Kalshi said Wednesday.

“Just like in traditional financial markets, bad actors will try to cheat,” Kalshi said. “Regulated exchanges must constantly evolve and adapt their systems to address insider threats.”

The platform’s rules prohibit candidates in a political race from making bets in markets related to their own elections, and in March said it would work to pre-emptively block them from doing so.

The rise in popularity of prediction marketplaces such as Kalshi—which allow users to bet on everything from soccer matches to government shutdowns—has sparked concern from lawmakers over the potential for illegal trading.

The White House earlier this month warned staffers against using inside information to make bets. Several states have taken legal action, alleging the operations violate state gambling laws. A group of more than 40 Democratic lawmakers urged the Trump administration in March to address allegations of insider trading by federal employees, following a series of unusual bets on geopolitical events.

Commodity Futures Trading Commission Chairman Michael Selig, a defender of prediction markets, said that his team was trying to fight insider trading, including when it comes to government policy matters.

Kalshi has previously disclosed disciplinary actions against others accused of violating its rules, including a former California gubernatorial candidate and a video editor for YouTube streamer MrBeast.

Klein and Enriquez, who were both running for U.S. House seats, wagered less than $100 and quickly admitted to their conduct when contacted by the platform, Kalshi said. Klein, a Democrat, was ordered to pay a fine of $539.85. Enriquez, a Republican, paid $784.20. Both were suspended from the platform for five years.

Klein said he wagered $50 after friends told him people were using the platform to bet on his race in October 2025. He said he didn’t realize he was violating Kalshi’s rules until March of this year.

“This was a mistake, and I apologize,” he said. “My experience, like many other Minnesotans, points to the need for clearer rules and regulations for these types of markets.”

Enriquez, who lost the Republican primary for Texas’ 21st Congressional District in March, didn’t respond to a request for comment.

Moran, who is running for a Virginia U.S. Senate seat as an independent, bet several times in late 2025 and 2026, Kalshi said, including wagers on who would run for public office that were placed before he announced his candidacy. The platform said Moran initially indicated he had broken Kalshi’s rules, but later stopped responding. He was suspended for five years and fined $6,229.30.

On Wednesday, Moran said he made the bet for the purpose of getting caught and to try to see the company’s path to investigating him. “I wanted to see (1) if Kalshi would come after me and (2) what their path would be,” Moran wrote on X.

Moran said in an interview with The Wall Street Journal that he has no plans to pay the fine and hinted he may sue Kalshi. “I’ll take them to court if I have to,” he said.