{"id":11436,"date":"2025-02-05T10:16:54","date_gmt":"2025-02-05T10:16:54","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=11436"},"modified":"2025-02-05T10:16:54","modified_gmt":"2025-02-05T10:16:54","slug":"robinhood-halts-super-bowl-betting-following-cftc-request","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=11436","title":{"rendered":"Robinhood Halts Super Bowl Betting Following CFTC Request"},"content":{"rendered":"<div>\n<p><span data-preserver-spaces=\"true\">Robinhood Markets has suspended its Super Bowl betting product after receiving a request from the Commodity Futures Trading Commission (CFTC), just a day after launching the feature.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The offering, developed in partnership with prediction market Kalshi, allowed users to place wagers on the outcome of the Feb. 9 Super Bowl between the Philadelphia Eagles and the Kansas City Chiefs. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">However, on 4 February 2025, Robinhood <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/newsroom.aboutrobinhood.com\/robinhood-receives-formal-request-from-the-cftc-to-roll-back-the-pro-football-championship-market\/\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">announced it would pause<\/span><\/a><span data-preserver-spaces=\"true\"> the rollout of its Pro Football Championship market as it works with the CFTC to address regulatory concerns.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">EXPLORE:\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/99bitcoins.com\/analysis\/crypto-forecast-best-crypto\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">10 Coins with High Returns: Crypto Forecast 2025<\/span><\/a><\/strong><\/p>\n<h2><span data-preserver-spaces=\"true\">Robinhood Suspended Super Bowl Betting After Limited Rollout<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">The product had been made available to only 1% of Robinhood\u2019s customers, with some already placing bets before the suspension.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cWe are disappointed by this outcome, especially given that we had been in regular communication with the CFTC about our intent and plans to offer this product,\u201d Robinhood said <\/span><span data-preserver-spaces=\"true\">in a statement<\/span><span data-preserver-spaces=\"true\">.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The suspension follows reports that the CFTC is investigating Crypto.com and Kalshi over their Super Bowl event contracts and <\/span><span data-preserver-spaces=\"true\">their<\/span><span data-preserver-spaces=\"true\"> compliance with derivatives regulations. <\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\u201cRobinhood <a href=\"https:\/\/twitter.com\/search?q=%24HOOD&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow\">$HOOD<\/a> suspended trading in Super Bowl betting contracts after the brokerage received a request from the U.S. Commodity Futures Trading Commission.\u201d <a href=\"https:\/\/t.co\/c6f9U64Ciz\" target=\"_blank\" rel=\"nofollow\">pic.twitter.com\/c6f9U64Ciz<\/a><\/p>\n<p>\u2014 Jevgenijs Kazanins (@jevgenijs) <a href=\"https:\/\/twitter.com\/jevgenijs\/status\/1886835982806208803?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow\">February 4, 2025<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span data-preserver-spaces=\"true\">Event contracts, unlike traditional sports betting, operate through a pool of users predicting an outcome rather than a bookmaker setting odds. Despite the probe, Crypto.com has stated it will continue offering Super Bowl wagers.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Robinhood first entered the event contract space in October, allowing users to trade on the outcome of the U.S. presidential election, following a court ruling in favor of Kalshi that permitted such contracts.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">EXPLORE:\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/99bitcoins.com\/analysis\/crypto-forecast-best-crypto\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">10 Coins with High Returns: Crypto Forecast 2025<\/span><\/a><\/strong><\/p>\n<h2><span data-preserver-spaces=\"true\">Robinhood Settles With SEC For $45M<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Last month, Robinhood\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/99bitcoins.com\/news\/robinhood-settles-with-sec-for-45m-over-securities-law-violations\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">agreed to pay a $45 million settlement<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0to the US Securities and Exchange Commission (SEC) following allegations of violating over ten securities law provisions.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The\u00a0settlement affects Robinhood\u2019s broker-dealer subsidiaries, Robinhood Securities LLC and Robinhood Financial LLC. Per the statement, the SEC\u2019s investigation found that the Robinhood entities failed to comply with <\/span><span data-preserver-spaces=\"true\">a range of<\/span><span data-preserver-spaces=\"true\"> regulatory requirements.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Violations included inaccurate reporting of trading activity, failure to comply with short sale rules, untimely filing of suspicious activity reports, inadequate record-keeping, and insufficient safeguards for customer information.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">A key finding was Robinhood\u2019s failure to maintain and preserve customer electronic communications between 2020 and 2021. Additionally, the SEC noted that the company submitted over 11,849 inaccurate or incomplete Electronic Blue Sheets (EBS), leading to errors in the reporting of approximately 392 million transactions.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">More recently, Robinhood Crypto <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/99bitcoins.com\/news\/robinhood-expands-to-spain-offering-crypto-trading-and-staking-under-mica-regulations\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">announced\u00a0its entry into Spain<\/span><\/a><span data-preserver-spaces=\"true\">, enabling users\u00a0<\/span><span data-preserver-spaces=\"true\">in the country<\/span><span data-preserver-spaces=\"true\">\u00a0to access its trading, staking, and investing services.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">As part of its European strategy, Robinhood has been localizing its app for specific countries, including Italy, Poland, and Lithuania, providing local language support and passive income opportunities through staking.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">EXPLORE:\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/new-coinbase-listings\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">15 New &amp; Upcoming Coinbase Listings to Watch in 2025<\/span><\/a><\/strong><\/p>\n<p>The post <a href=\"https:\/\/99bitcoins.com\/news\/robinhood-halts-super-bowl-betting-following-cftc-request\/\">Robinhood Halts Super Bowl Betting Following CFTC Request<\/a> appeared first on <a href=\"https:\/\/99bitcoins.com\/\">99Bitcoins<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Robinhood Markets has suspended its Super Bowl betting product after receiving a request from the Commodity Futures Trading Commission (CFTC), just a day after launching the feature. The offering, developed in partnership with prediction market Kalshi, allowed users to place wagers on the outcome of the Feb. 9 Super Bowl between the Philadelphia Eagles and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-11436","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/11436","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11436"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/11436\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11436"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11436"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11436"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}