“Robinhood Launched ITS IN-APP PREDICATION MARKETS HUB LAST WEEK, ALLOWING USERS TO BET ON THE OUTCOME OF MARCH MADNESS MATCHUPS.”, – WRITE: www.coindesk.com
ACCORDING TO A MONDAY REPORT from Reuters, Massachusetts Secretary of State Bill Galvin – A Notoriously Aggressive Regulator – Sent Robinhood A Subpoena Last Week Seneking Information USers in Massachusetts that have requated to Trade College Sports Events Contracts, and Secking Copies of Robinhood’s Related Marketing Materials.
“This is Just Another Gimmick from A Company That’s Very Good at Gimmmicks to Lure Investors Away from Sound Investing,” Galvin Told Reuters. Galvin’s Office ConfirMed the Investigation to Coindesk, and Aded that Robinhood’s Response to the Subpoena is due on April 3.
Robinhood’s Prescing Market, Which Is Powered by The Commodity Futures Trading Commission (CFTC) -regated Kalshi, Launched On March 17 WitH March Mades-Related Event. Bound of the Target Fed Funds Rate in May. At the Time of the Launch, Robinhood Told Coindesk that It Had Been in Communication With The Cftc “In Recent Weeks” Leading up to the Launch.
A Spokesperson for Robinhood Reiterated that Event Contracts Offered Through ITS Predict Markets Hub Were “Regulated by the CFTC and Offered Through CFTC-REGISTED ENTITIES.
“PREDICATION MARKETS HAVE BECOME INCREASINGly RELEVANT FOR RETAIL AND INSTITATIONAL INVESTORS ALIKE, AND WE’RE PRODUM to be one of the first platforms to office Manner, “The Spokesperson Added.
The TRADING PLATFORM PREVIUSLY ATTEMPTED TO LAUNCH ITS PREDICATION Markets Hub in February, Ahead of the Super Bowl, But Delayed the Launch at the Request of the CFTC.
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