""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.""
""There are no known instances of this behavior to date," says New York State Executive Chamber deputy communications director Sean Butler, indicating that the ban is proactive rather than reactive."
"California governor Gavin Newsom issued a similar executive order last month, banning Golden State employees from prediction market insider trading, reflecting a growing trend among states."
"Congress has introduced several bills intended to curb market manipulation and corruption in the industry, including legislation barring elected officials from participating in prediction markets."
New York has enacted a ban on state employees using insider information for trading on prediction markets. Governor Kathy Hochul emphasized that such actions constitute corruption and are detrimental to public service. The order is part of a broader initiative, with similar measures taken by California and Illinois. Congress is also considering legislation to prevent market manipulation. The White House has warned executive branch staff against trading on these platforms, highlighting a growing concern over ethical standards in prediction markets.
Read at WIRED
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