California Governor Gavin Newsom signed a law on the 27th prohibiting state officials appointed by the governor from profiting from insider information in prediction markets. The governor's office stated that some U.S. officials with apparent access to sensitive federal government information were making "extremely precise bets" in prediction markets. The statement also criticized some officials for turning public service into a means of "getting rich quick." The statement pointed out that four cases of prediction trading demonstrate that it is highly unlikely for someone lacking insider information to make such trades. The profits from these predictions ranged from tens of thousands to millions of dollars, involving multiple U.S. military actions related to Venezuela and Iran, with some predictions made just days before the actions took place or hours before. Six individuals suspected of having insider information bet on a U.S. military strike against Iran, profiting a total of $1.2 million, and they opened prediction market accounts just days before the conflict occurred. (Xinhua)