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

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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 response to growing concerns about "insider betting" in prediction markets. According to the executive order, all government officials appointed by the governor or under her jurisdiction, as well as members of public agencies, are prohibited from using any non-public information obtained in the course of their duties to seek profits or avoid losses in prediction markets or similar services, nor may they assist others in related operations. The governor noted in the document that the current "rapid expansion of prediction markets" has raised regulatory concerns. The previous day, Illinois Governor JB Pritzker issued a similar executive order, banning state government personnel from using non-public information to place bets in prediction markets. Meanwhile, prediction market platform Kalshi disclosed that it has investigated three insider trading cases involving candidates, imposing fines and trading suspensions on those involved. One of those penalized was Mark Moran, a Democratic primary candidate for the Virginia Senate, who was punished for betting on his own campaign and stated he "wanted to be caught." (Source: ODAILY)
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