New York Governor Kathy Hochul has signed an executive order banning state employees from betting on prediction markets, following a similar move by Illinois. The move was made in response to several suspected insider trading instances involving US military action, including those involving Nicolás Maduro and the death of Ayatollah Khamenei. The state employees and officers cannot assist others in profiting on confidential information through prediction markets. This comes as predictions markets are rapidly increasing due to concerns about insider trading and market manipulation. The New York State Gaming Commission has previously issued a cease-and-denial letter to Kalshi for illegally operating an unlicensed mobile sports wagering platform in the state.