CFTC Investigates Adam Kinzinger Over Kalshi Betting on Presidential Pardon

The U.S. Commodity Futures Trading Commission (CFTC) is investigating former Illinois Republican Representative Adam Kinzinger regarding his trading activity on the prediction market platform Kalshi. Between December 2024 and January 2025, Kinzinger placed bets on whether he would receive a presidential pardon and whether President Biden would issue preemptive pardons before leaving office. Biden ultimately issued such pardons to Kinzinger and other members of the House Select Committee on the January 6 attack. Kinzinger, who profited $823 from his trades, denies any wrongdoing, stating he was a private citizen at the time and possessed no inside information. Kalshi prohibits users from betting on outcomes in which they are directly involved, and the CFTC restricts the use of material non-public information in regulated markets.