Overview
- Cease‑and‑desist notices require the platforms to stop offering sports‑linked markets to Connecticut residents and to enable withdrawals, with civil or criminal penalties threatened for noncompliance.
- State officials say none of the three holds a Connecticut wagering license and cite failures on age limits, integrity controls, consumer protections, and technical security standards.
- Kalshi filed a federal lawsuit seeking to block enforcement, arguing the Commodity Exchange Act preempts state regulation of its CFTC‑regulated Designated Contract Market.
- Robinhood says its event contracts are offered through a CFTC‑registered entity, while Crypto.com did not comment in the coverage.
- Crypto.com announced a Fanatics Markets rollout in multiple states on the same day as the order, underscoring continued expansion despite mounting state actions.