Case 2:25-cv-01541-JCM-DJA Document 7 Filed 08/19/25 Page 2 of 31
TABLE OF CONTENTS
1 2 3 4 5 6 7 8 9
Page PRELIMINARY STATEMENT .....................................................................................................1 FACTUAL BACKGROUND ..........................................................................................................4 A. Event Contract Regulation by the CEA and CFTC .................................................4 B. Futures Commission Merchant Regulation by the CEA and CFTC........................7 C. Robinhood, Event Contracts and Kalshi ..................................................................8 D. The Letters from the Board......................................................................................9 ARGUMENT .................................................................................................................................11 I. ROBINHOOD IS LIKELY TO SUCCEED ON THE MERITS.......................................11 A. The CEA Preempts Application of State Gaming Laws to Sports-Related Event Contract Trading on CFTC-Designated Exchanges. ...................................12 B. The CEA’s Preemption of State Gaming Laws as Applied to Sports- Related Event Contracts Includes Those Opened and Traded Through Robinhood’s Platform. ...........................................................................................19 ROBINHOOD WILL SUFFER IRREPARABLE HARM ABSENT IMMEDIATE RELIEF. .....................................................................................................21 III. THE EQUITIES AND PUBLIC INTEREST TILT STRONGLY IN ROBINHOOD’S FAVOR. ................................................................................................23 IV. II. NO SECURITY—OR ONLY DE MINIMIS SECURITY—IS APPROPRIATE.............23 CONCLUSION ..............................................................................................................................24
10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28
i
Made with FlippingBook - Online catalogs