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

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ME News reports that on April 23 (UTC+8), New York Governor Kathy Hochul signed an executive order on Wednesday prohibiting state employees from using non-public information to trade in prediction markets or assist others in profiting from them, a move aimed at addressing growing concerns about "insider betting" in prediction markets. According to the executive order, all government officials and members of public agencies appointed by or under the jurisdiction of the governor 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 mentioned in the document that the "rapid expansion of prediction markets" has raised regulatory concerns. The day before, 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 launched investigations into 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 State Senate, who was punished for betting on his own campaign and stated that he "hoped to be caught." (Source: ODAILY)
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