Operator v. state
Robinhood Derivatives, LLC v. Flaherty
U.S. District Court for the District of New Jersey, 1:25-cv-14723
Injunction granted
Preliminary relief entered by consent order on Aug. 22, 2025 (Judge Edward S. Kiel); the case is administratively stayed until a further court order following the Third Circuit's Kalshi decision. No post-decision activity verified.
The question
Whether the Commodity Exchange Act preempts New Jersey gambling or sports-wagering law as applied to event contracts listed on a CFTC-designated contract market.
Robinhood's derivatives arm sued New Jersey officials over its sports event contracts. Rather than litigate a TRO, the parties agreed to a consent order granting preliminary relief and pausing the case until the Third Circuit resolved Kalshi's appeal.
Docket timeline
Consent order grants preliminary relief and administratively stays the case.
Source: dockets.justia.com
Complaint and TRO/PI motion filed.
Source: dockets.justia.com