The derivatives of RobinHood, LLC and RobinHood Markets, Inc. They have submitted their response to the proposal by three Indian tribes for a preliminary order against Kalshi.
In August 2025, Blue Lake Rancheria, the Rancheria Chicken of the Indians Me-Wuk, and Picayune Rancheria of Indians Chukchans, filed a lawsuit against Kalshi and Robinhood for allegedly illegal gambling.
About a month later, the plaintiffs moved to the Northern provincial court of California to enter a preliminary mandate that imposes Kalshi to offer the Indian tribal territories, the sports contracts that are not limited, motorcycle, football. Championship (“UFC”) and any other sporting events.
Now, Kalshi and Robinhood oppose the tribal proposal for a preliminary command.
In his answer, Robinhood argues that he will probably suffer substantial and irreparable damage to the federally authorized event business if the court would force Kalshi to offer contracts related to sports events in Indian soils.
RobinHood offers its customers the opportunity to trade in events for the Kalshi exchange – derivatives that allow customers to market on the basis of forecasts for the appearance of future events, including sports.
RobinHood says that, according to the law on the exchange of basic products (“CEA”), the event negotiation is within the “exclusive jurisdiction” of the Futures Committee (“CFTC”).
The company claims that Robinhood and Kalshi perform separate functions in the context of CFTC’s integrated federal regulatory system for commercial contracts, exchanges and other derivatives. Kalshi acts as a CFTC-distributed specified contract (“DCM”), which authorizes Kalshi, without prejudice to CFTC supervision, exploiting contracts. RobinHood acts as a Futures Commercial Committee registered with CFTC (“FCM”), which authorizes Robinhood, also under the supervision of CFTC, to seek and accept customer event commands. RobinHood then in between these orders and launches them for execution through the Kalshi exchange.
As a result, according to Robinhood, Kalshi’s ban will disrupt Robinhood’s business, which depends on Kalshi’s exchange to facilitate customer events.
Even more important, says Robinhood, a preliminary order also disassembling this federal regulatory system.