Xinhua News Agency: California bans officials from profiting in prediction markets using insider information

Odaily Planet Daily News - On the 27th, California Governor Gavin Newsom signed an order prohibiting state-appointed officials from profiting in prediction markets using insider information. The California Governor’s Office stated in a release that some officials in the U.S. who apparently have access to sensitive federal information have “timed their bets in prediction markets with extreme precision.” The statement also criticized certain officials for turning public service into a means of “quick wealth.” The statement pointed out that four cases of prediction trading demonstrate that individuals lacking insider information are highly unlikely to make relevant trades. Profits from these predictions range from tens of thousands to millions of dollars and involve several military actions related to the U.S. against Venezuela and Iran, with some predictions having accounts opened just days before the actions took place or placing bets just hours before the actions occurred. Among them, six suspected insiders bet on U.S. military strikes against Iran, collectively earning $1.2 million, and they just happened to open their prediction market accounts days before the conflict occurred. (Xinhua News Agency)