“The state issued cease-and-desist orders to the firms to stop conducting “unlicensed online gambling” via their sports events contracts.”, — write: www.coindesk.com
The state’s Department of Consumer Protection accused the companies of “conducting unlicensed online gambling, more specifically sports wagering.”Each of the companies are “hereby ordered to immediately cease and desist advertising, offering, promoting, or otherwise making available Contracts or any other form of unlicensed online gambling to Connecticut residents,” according to the state notices.
Robinhood argued on Wednesday that it is regulated by the federal government.
“As we’ve previously shared, Robinhood’s event contracts are federally regulated by the CFTC and offered through Robinhood Derivatives, LLC, a CFTC-registered entity, allowing retail customers to access prediction markets in a safe, compliant, and regulated manner,” a spokesperson for Robinhood said in an emailed statement.
The other two companies did not immediately respond to requests for comment on the letters.
“None of these entities possess a license to offer wagering in our state, and even if they did, their contracts violate numerous other state laws and policies, including offering wagers to individuals under the age of 21,” said Connecticut DCP Commissioner Bryan T. Cafferelli, in a statement, which identified three companies as having eligibility to offer sports wagering in the state: Draft Kings (via Foxwoods), FanDuel (Mohegan Sun) and Fanatics (Connecticut Lottery).
The state said failure to comply could result in civil or criminal penalties.
Just south of Connecticut, the state of New York is also in a legal dispute with Kalshi over the same issue, and the crypto platform is suing the state over its position. Kalshi and Crypto.com are regulated by the federal Commodity Futures Trading Commission as designated contract markets (DCMs). Kalshi has argued in his New York legal challenge that the state has no right to interfere with that federal oversight.
Last month, a federal judge ruled in Nevada that state regulators have jurisdiction over some of that state’s sports-based events contracts, potentially threatening the industry’s argument on this point. Kalshi, which was the company involved in that case, was set to appeal.
Polymarket, the biggest crypto-native prediction market provider, rolled out an app to more than 20 US states — also on Wednesday — as it prepares for a broader official relaunch in the US
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence’s Token Security API averaged 717 million monthly calls year-to-date in 2025, with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch, the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B, while derivatives volume peaked the same month at over $4B.
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The Senate’s process is inching forward on a mass-confirmation that would include two nominations with major crypto implications.
- The US Senate has started the procedures to get confirmation votes for President Donald Trump’s nominees for the Commodity Futures Trading Commission and the Federal Deposit Insurance Corp.
- Each of those — Mike Selig at CFTC and Travis Hill at FDIC — is expected to occupy a leading role in the oversight of the US crypto markets.
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