Gate News reports that on March 28, California Governor Gavin Newsom signed Executive Order N-4-26 on March 27, explicitly prohibiting all appointed public officials from profiting in prediction markets using non-public information obtained through their official positions, or assisting spouses, children, other family members, and former business partners in profiting from it. The order notes that there have been several recent cases at the federal level involving suspected insiders profiting in prediction markets using insider information, related to events such as military intervention in Venezuela, the war in Iran, and military actions against drug cartels, with related individuals earning tens of thousands of dollars in profits. Although California already has ethical guidelines such as the Political Reform Act of 1974, this formal confirmation of prohibitions extending to prediction markets aims to further maintain public trust in government integrity and ensure that public officials focus on the public interest.
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