California Gov. Gavin Newsom on Friday issued an executive order banning state officials from using insider knowledge to profit, or assist another person in profiting, on prediction markets, effective immediately.
The Governor’s office said there have been mounting reports of individuals in the federal government with access to sensitive government information placing well-timed bets ahead of major Trump administration actions. These reports are currently allegations and have yet to be verified.
“Public service should not be a get-rich-quick scheme. At a time when Trump’s Washington is riddled with ethical failures and insider profiteering, California is drawing a bright line: If you serve the public as a political appointee, you serve the public—period,” Newsom said. “We’re not going to tolerate this kind of corruption in California.”…