Summary
- It was reported that Robinhood filed lawsuits against regulatory authorities of Nevada and New Jersey over the restriction of its sports betting services.
- Robinhood stated that if only Kalshi is permitted to offer sports betting services, the company could suffer losses due to market competition.
- The federal courts mentioned that Kalshi’s sports betting service falls under CFTC jurisdiction, and thus regulatory enforcement had been suspended.
It has been revealed that cryptocurrency trading platform Robinhood has filed lawsuits against regulatory authorities in Nevada and New Jersey, USA.
According to Cointelegraph on the 20th (local time), Robinhood’s derivatives division filed two lawsuits against gaming regulatory authorities and attorneys general of Nevada and New Jersey. These lawsuits stem from Nevada and New Jersey restricting Robinhood's provision of sports betting services.
In the complaint, Robinhood emphasized, “Earlier this year, federal courts in Nevada and New Jersey authorized the prediction market platform Kalshi to offer sports betting services,” adding, “If state authorities allow services only to Kalshi, we will be at a competitive disadvantage and suffer losses.”
Meanwhile, the federal courts in both states had previously suspended regulatory enforcement measures, stating, “Kalshi's provision of sports betting services is under the jurisdiction of the Commodity Futures Trading Commission (CFTC).”
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
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