"The order takes effect immediately and extends California's existing conflict-of-interest statutes directly to prediction markets, which allow users to wager real money on various outcomes."
"Appointees are prohibited from using confidential or non-public information obtained through their official duties to profit personally on these platforms, including helping family members or associates."
"Several high-value trades on prediction markets have drawn scrutiny, including accounts that reportedly made $1.2 million betting on a U.S. strike against Iran just before it occurred."
"California already maintains strict ethics rules, but the new order makes the prohibition explicit for prediction markets, ensuring that public service remains focused on serving the public."
California's new order applies existing conflict-of-interest laws to prediction markets, preventing appointees from using confidential information for personal gain. This includes prohibiting assistance to family or associates in placing bets. Governor Gavin Newsom emphasized that public service should not be a means to personal wealth. The order contrasts with perceived ethical failures at the federal level, particularly regarding high-value trades linked to significant events. While California has strict ethics rules, this order clarifies prohibitions specifically for prediction markets without banning participation outright.
Read at news.bitcoin.com
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