US EditionCalifornia Bans Officials From Using Inside Knowledge to Bet on ...
Gov. Newsom's order prohibits appointees and their families from profiting on prediction markets using insider information amid concerns of unethical wagers.
- On Friday, California Governor Gavin Newsom signed an executive order prohibiting state officials from using insider information to profit from prediction markets like Kalshi and Polymarket.
- Newsom's administration cited reports of federal officials using non-public knowledge to profit from actions involving Venezuela and Iran, criticizing what he called 'ethical failures and insider profiteering' within the Trump administration.
- The order bars government appointees, their families, and business partners from wagering on current affairs using state information; in January, an anonymous gambler earned nearly $500,000 via Polymarket betting on Venezuelan President Nicolás Maduro's detention.
- Congressional Democrats are pursuing legislation to ban government insiders from wagering on events they influence, while platforms like Kalshi claim they already enforce internal policies banning such activity.
- Prediction markets have grown in popularity, with users placing about $11 million in bets on the upcoming gubernatorial race, as Newsom, termed out after this year, positioned the ban as a necessary standard for public service.
20 Articles
20 Articles
Newsom bans CA officials from insider trading on prediction markets
Gov. Gavin Newsom (D-CA) on Friday signed an executive order banning political appointees and their families from using insider information to bet on prediction markets such as Polymarket and Kalshi. The directive, effective immediately, targets a rapidly expanding corner of online finance in which users wager on real-world outcomes ranging from sports to military actions. The executive order prohibits not only state appointees but also their re…
California Bans Officials From Using Inside Knowledge to Bet on Prediction Markets
California Governor Gavin Newsom on Friday issued an executive order barring state officials from using insider knowledge to bet on prediction markets like Polymarket and Kalshi. The move comes amid concerns that government officials could use inside information to profit from such markets after an unknown trader made more than $400,000 betting that Venezuelan President Nicolas Maduro would be ousted from his position ahead of a U.S. mission to …
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union-bulletin.comCalifornia bans state officials from prediction markets betting
SACRAMENTO, Calif. — California banned state officials from making bets on prediction markets like Kalshi and Polymarket after Gov. Gavin Newsom signed an executive order Friday. The executive order, which took effect immediately, bars ...
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