A Local Law to amend the administrative code of the city of New York, in relation to preventing policymakers and their relatives from trading on prediction markets using insider information

Summary

This bill would ban elected officials and other high-ranking New York City officials from making bets on events in prediction markets when they hold insider information about the event. It also prevents close relatives of those officials from making bets on those events. The bill would also require that officials annually disclose any transaction over $50 that they make on prediction markets and would require the Conflicts of Interest Board to promulgate rules clarifying when any other actions with respect to prediction markets by a government official would violate existing general conflicts of interest provisions.

Official summary of legislation · NYC Council