The U.S. Department of Justice has charged Google software engineer Michele Spagnuolo with gaining over $1.2 million by using insider information to trade on Polymarket.
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NC Governor bans state workers from insider info trading
The governor of North Carolina, Josh Stein, has signed an executive order to ban state employees from trading on prediction markets using insider information obtained from their workplaces.
The order was signed on May 27 as an expansion of the state’s current Ethics Act, which imposes a prohibition on legislative staff and public servants from getting personal financial gains by using non-public information from their jobs.
Governor Stein commented:
“Public employees with insider information must not participate in these prediction markets. People need to have faith that their public servants are working on their behalf, not leveraging their knowledge unfairly to win a bet and make money. I don’t expect the executive order will impact daily lives, but what it will do is increase the public’s confidence that we work for them.”
Additionally, employees will be banned from helping others to place bets with their knowledge or using state resources like devices, networks, funds, or systems to take part in prediction markets.
In case of breaches, individuals will face disciplinary action and may further be referred either to the State Ethics Commission or to law enforcement. Stein added that using insider information for unfair advantages breaks public trust, and the executive order is set to ensure that the government acts with integrity.
In a new post published on Truth Social, U.S. President Donald Trump has spoken out in support of CFTC-regulated prediction markets, praising the “new form of Financial...
