California signs executive order banning insider trading in prediction markets

Golden Finance reports that on March 28, California Governor Gavin Newsom signed an executive order prohibiting government officials from using non-public information obtained during the course of their duties to profit from insider trading in prediction markets, and expanding the ban to include their spouses, family members, and former business partners. The executive order makes it clear that public officials appointed by the governor may not use “confidential or non-public information” to place bets on political or economic events related to their official duties. Newsom said that public service should not become a tool for making profits, and emphasized the need to draw clear boundaries between power and interests.