Walz bans state workers from betting with private government info on prediction markets
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Minnesota Gov. Tim Walz moved Tuesday to prohibit state employees from using private government information to bet on prediction markets.
The DFL governor's executive order comes after U.S. District Judge Kate Menendez on Monday temporarily blocked a new state law that bans prediction markets. The measure had been set to take effect this Saturday.
In lawsuits, prediction market operators Kalshi and Polymarket as well as the Commodity Futures Trading Commission contended that the federal government, and not the state, has the legal authority to regulate contract markets.
Walz's directive prohibits state executive branch employees from using non-public data or confidential information to make wagers through the markets.
The governor says that a person's position in government "should not and cannot give them an unfair financial advantage."
Allegations of government insider trading have been made against officials in the military and the Trump White House.
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