New York State Governor signs executive order restricting public officials from participating in prediction market insider trading.

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ME News: On April 23 (UTC+8), New York Governor Kathy Hochul signed an executive order on Wednesday prohibiting state government employees from using non-public information to trade in prediction markets or assist others in profiting from them, in an effort to address growing concerns about "insider betting" in prediction markets. According to the executive order, all government officials and public agency members appointed by the governor or under her jurisdiction are prohibited from using any non-public information obtained during the performance of their duties to gain profits or avoid losses in prediction markets or similar services, nor may they assist others in related operations. The governor mentioned in the document that the "rapid expansion of prediction markets" has triggered regulatory attention. The day before, Illinois Governor JB Pritzker issued a similar executive order banning state government personnel from using non-public information to participate in prediction market betting. Meanwhile, prediction market platform Kalshi disclosed that it has investigated three insider trading cases involving candidates, imposing fines and trading suspensions on the relevant individuals. One of those penalized was Mark Moran, a Democratic primary candidate for the Virginia State Senate, who was punished for betting on his own campaign and stated he "wanted to be caught." (Source: ODAILY)
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