""Getting rich by betting on inside information is corruption, plain and simple," Hochul said in a statement. "Our actions will ensure that public servants work for the people they represent, not their own personal enrichment.""
"Each governor's executive order also prevents state employees from passing along insider information to others to allow them to profit."
"While no hard proof of insider trading by government officials has come to light, state officials may have access to nonpublic information that could impact certain prediction markets."
New York Governor Kathy Hochul signed an executive order banning state employees from insider trading on prediction market platforms. This follows similar actions by governors in Illinois and California. The orders build on existing ethics laws prohibiting personal gain from state office. They also prevent employees from sharing insider information. Concerns about insider trading on these platforms have grown, although no evidence has emerged. Both Kalshi and Polymarket are implementing measures to combat insider trading, while the White House has warned employees against making prediction market bets.
Read at www.businessinsider.com
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