California signs an executive order banning insider trading in predictive markets

On March 28, California Governor Gavin Newsom signed an executive order prohibiting government-appointed officials from using non-public information obtained during their duties to conduct insider trading in the forecasting market, and extending the ban to their spouses, family members and former business partners. The executive order clarifies that public officials appointed by the governor must not use "confidential or undisclosed information" to engage in bets on political or economic events related to their duties. Newsom said that public services should not be used as a profit-making tool and stressed the need to draw a clear line between power and interests.