New York and Illinois have successively signed executive orders banning state government employees from participating in prediction markets.

According to CoinTelegraph, New York Governor Kathy Hochul signed an executive order banning state government employees from placing bets on prediction markets; Illinois Governor JB Pritzker signed a similar order on Tuesday. Hochul criticized the Trump administration for failing to establish effective ethical standards to curb insider trading, stating, “Profiting from non-public information is corruption.” The executive order also prohibits state government employees from assisting others in profiting from confidential information in prediction markets; violators may face termination and law enforcement action.