California governor bans officials from insider trading on prediction markets

California Governor Gavin Newsom has signed an executive order banning public officials and policymakers from engaging in insider trading on prediction markets, Decrypt reported. The order, signed on March 27, prohibits officials from using non-public information to profit from these markets. The ban also extends to appointed officials and related parties, including their children, spouses, and business partners. Newsom emphasized that public officials are meant to serve the public—nothing more, nothing less—and that their positions should not be a means to get rich quick.