New York, Illinois ban state officials from using inside info for prediction market bets

The U.S. states of New York and Illinois have banned state officials from using inside information to place bets on prediction markets. According to Decrypt, New York Governor Kathy Hochul signed an executive order on April 22 that prohibits state employees from using non-public information obtained through their official duties to bet on such markets. The move comes just one day after New York sued Coinbase and Gemini for alleged violations of gambling laws related to prediction markets. Illinois Governor J.B. Pritzker also signed a nearly identical executive order.