Overview

• Illinois Gaming Board issued cease-and-desist letters to Kalshi, Robinhood, and Crypto.com, citing violations of state gambling laws.
• Ohio regulators have given the platforms until April 14 to halt sports event futures trading or face civil and criminal penalties.
• State regulators argue that these platforms are engaging in illegal gambling due to the lack of licensing and inadequate consumer protections.
• Kalshi is challenging similar actions in Nevada and New Jersey through lawsuits, asserting federal oversight by the CFTC exempts them from state gambling laws.
• Federal Commodity Futures Trading Commission (CFTC) has yet to take a clear stance, despite calls for intervention from lawmakers like Rep. Dina Titus.