Key Highlights
Contents
- Executive Order No. 60 signed by Governor Kathy Hochul prohibits state government workers from leveraging confidential information for profit on prediction platforms
- Offenders face potential termination, disciplinary measures, or criminal prosecution
- The directive specifically addresses platforms facilitating wagers on political outcomes, military operations, and societal developments
- Investigations have identified more than $1 billion in questionable transactions connected to governmental decisions and armed conflict
- The state simultaneously launched legal proceedings against Coinbase and Gemini over unlicensed gambling allegations
Governor Kathy Hochul of New York has implemented a new executive directive preventing government personnel from exploiting confidential data for financial advantage on prediction betting platforms.
Filed on April 22, 2026, Executive Order No. 60 encompasses all state officials and workers serving under the Governor’s authority, including individuals appointed to public authorities by her administration.
The directive explicitly forbids any government employee from utilizing privileged information obtained during official responsibilities to generate profits or minimize financial losses through prediction market transactions.
According to Hochul, the measure aims to safeguard public confidence in government institutions. She emphasized that those serving the public are obligated to prioritize collective welfare over personal enrichment.
“Getting rich by betting on inside information is corruption, plain and simple,” Hochul said in a statement.
Defining Prediction Platforms Under the Order
Executive Order No. 60 characterizes a prediction market as any unauthorized platform enabling participants to trade contracts tied to prospective occurrences. Such events may encompass political contests, athletic competitions, or official governmental decisions.
These trading venues have experienced substantial expansion in recent times. This rapid development has sparked worries regarding the ease with which individuals possessing governmental intelligence could manipulate such access for monetary benefit.
Hochul referenced the “recent proliferation of prediction markets” as justification for implementing the order. She noted these platforms have amplified opportunities for improper conduct among those with privileged information access.
Consequences for non-compliance are substantial. Workers who breach the directive risk termination, formal sanctions, or being reported to law enforcement agencies and ethics oversight bodies.
Every public authority within the state now bears responsibility for establishing internal compliance protocols to uphold these restrictions.
Questionable Trading Activity Sparks Regulatory Response
The directive follows numerous accounts connecting substantial prediction market gains to governmental operations.
This past January, an unidentified participant allegedly collected over $400,000 through wagers predicting Venezuelan leader Nicolás Maduro’s ouster from power.
Further inquiries have revealed upwards of $1 billion in suspiciously accurate bets tied to military operations in Iran. These transactions involved predictions regarding strike locations, timing of attacks, and developments concerning the Strait of Hormuz.
The executive action reinforces current provisions within New York’s Public Officers Law, which previously restricted state personnel from exploiting confidential data for private gain. Hochul’s mandate now expands these protections to encompass emerging trading platforms.
Hochul further challenged federal inaction on the matter. She stated New York is “stepping up to lead by example” amid Washington’s decision to turn “a blind eye.”
New York has previously targeted individual platforms through enforcement measures. Last October, the state Gaming Commission issued a cease-and-desist notice to Kalshi, alleging operation of an unauthorized mobile sports betting service.
This week, the state sued both Coinbase and Gemini for alleged illegal online gambling.
