Governor Hochul Signs Executive Order Banning NY State Employees From Insider Trading on Prediction Markets
Summary
New York Governor Kathy Hochul signed Executive Order No. 60 on April 22, 2026, prohibiting covered state officers and employees from using confidential information acquired in the course of their official duties to further personal financial interests through prediction markets. The order also bars assisting others in profiting on confidential information through these markets. The order takes effect immediately and builds on New York State's Code of Ethics to create what the Governor's office claims are the strongest protections against insider trading on prediction markets in the nation. The order references $1 billion in 'perfectly-timed' bets surrounding the war in Iran, including location and timing of military strikes, as context for the action.
“Under this executive order, covered state officers and employees will be forbidden from using confidential information acquired in the course of their official duties to further their personal financial interests through these markets.”
State employers in New York with employees who have access to non-public information should review whether their current ethics policies address prediction market participation. This executive order closes a gap in existing restrictions by explicitly covering these markets, which operate in a regulatory gray area at the federal level.
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What changed
The executive order prohibits state officers and employees from using confidential information acquired through their official duties to place bets or trade on prediction markets, and from assisting others in profiting from such information. This creates new compliance obligations for all covered state employees.
New York state agencies should review their ethics policies and trading restrictions to ensure alignment with this executive order. While the order does not specify penalties itself, violations may constitute ethics code violations or potentially criminal insider trading if federal securities laws apply.
Archived snapshot
Apr 23, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
Executive Order April 22, 2026 Albany, NY
Governor Hochul Signs Nation-Leading Executive Order Banning State Employees From Insider Trading on Prediction Markets
Governor Hochul Signs Nation-Leading Executive Order Banning State Employees From Insider Trading on Prediction Markets Read Executive Order Here
Governor Kathy Hochul today issued an executive order prohibiting state employees from engaging in insider trading on prediction markets. These markets allow individuals to place bets on the outcomes of real world events, including both major events such as outcomes of military activity, election results, or the severity of natural disasters, as well as obscure and manipulable events such as betting on the attire of public officials at appearances, when the President of the United States would next publicly insult a person, or the volume of social media posts made by an individual.
“Getting rich by betting on inside information is corruption, plain and simple,” Governor Hochul said. “Our actions will ensure that public servants work for the people they represent, not their own personal enrichment. While Donald Trump and DC Republicans turn a blind eye to the ethical Wild West they’ve created, New York is stepping up to lead by example and stamp out insider trading.”
This executive order builds on New York State’s Code of Ethics and creates the strongest protections against insider trading and public corruption on prediction markets in the nation. Under this executive order, covered state officers and employees will be forbidden from using confidential information acquired in the course of their official duties to further their personal financial interests through these markets. These officers and employees will also be barred from assisting others in profiting on confidential information through prediction markets.
This order comes at a time of increasing public scrutiny over the role of prediction markets and the need for further regulations of this emerging industry. Recently, massive profits have been made following bets placed on actions taken by the federal government, raising concerns around safeguards against corruption and self-dealing. In January, an anonymous trader made more than $400,000 on a bet that Nicolas Maduro would soon be out of office. Reporting has also documented more than $1 billion in “perfectly-timed” bets surrounding the ongoing war in Iran, including the location and timing of military strikes and the status of the Strait of Hormuz.
New York State is also taking action to protect New Yorkers from predictive market platforms that engage in unlicensed and unlawful gambling operations. In October, the Gaming Commission sent Kalshi a cease and desist letter for illegally operating an unlicensed mobile sports wagering platform in New York State.
The provisions of this executive order take effect immediately.
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