Connecticut Orders Kalshi, Robinhood, Crypto.com to Cease Sports Betting Operations

BlockBeats News, December 4th, according to CoinDesk's report, Connecticut launched a legal offensive against the sports event contract field, issuing cease-and-desist notices on Wednesday to three major prediction market operators — Robinhood, Kalshi, and Crypto.com. The state's Department of Consumer Protection accuses these companies of engaging in "unlicensed sports betting."

According to the state government notice, these companies are "hereby ordered to immediately cease and desist from advertising, offering, promoting, or in any way providing contracts or other forms of unlicensed online gambling to Connecticut residents."

Robinhood, in response on Wednesday, argued that the company is subject to oversight by the U.S. federal government.