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Robinhood Calls Foul on Nevada, New Jersey!
Robinhood sued New Jersey and Nevada regulators to stop any potential regulatory action over its sports event contracts.
Danielle du Toit
August 20, 2025
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Here's what we've got for you today:
Robinhood Sues New Jersey, Nevada Over Sport Contract Threats
Fed Official Pushes to Let Staff Own Small Amounts of Crypto
Harvard Economist Admits He Was Wrong About Bitcoin Crashing to $100
Spot Bitcoin ETFs Post $523 Million in Daily Outflows, Ethereum ETFs Shed $422 Million as Macro Factors Prompt Investor Repositioning
Robinhood's derivatives arm sued New Jersey and Nevada regulators to stop any potential regulatory action over its sports event contracts.
Robinhood Derivatives filed lawsuits against Nevada and New Jersey regulators to block any potential enforcement actions over its sports event contracts.
The company argued that it should be allowed to offer these contracts after federal courts ruled that prediction market Kalshi could legally do so under CFTC oversight.
Despite those rulings, Robinhood claims Nevada and New Jersey regulators continued to restrict its contracts.
Michelle Bowman suggested that Fed staff should be allowed to hold small amounts of digital assets to better understand the technology they regulate.
Federal Reserve Vice Chair Michelle Bowman suggested that Fed staff should be allowed to hold small amounts of crypto to gain practical experience with the technology they regulate.
Current rules ban most Fed employees and their spouses from owning crypto or related products. These restrictions were tightened in 2022 after trading controversies involving senior officials.
Bowman argued that the ban limits staff expertise and risks deterring talent. She even compared it to being taught a sport by someone who has never practiced it.
Economist Kenneth Rogoff previously predicted that Bitcoin will likely hit $100 before $100,000.
Harvard economist Kenneth Rogoff acknowledged his 2018 prediction that Bitcoin was more likely to fall to $100 than rise to $100,000, and pointed out that “a lot has changed” since then.
Rogoff is a former IMF chief economist and author of Our Dollar, Your Problem, and mentioned his previous prediction in a post on X.
Back in 2018, he argued that government regulation will likely drive Bitcoin’s price down significantly.
Both spot Bitcoin and Ethereum ETFs logged huge outflows as institutional investors repositioned their holdings on Tuesday.
Spot Bitcoin ETFs saw $523 million in net outflows on Tuesday, led by Fidelity’s FBTC with $246.9 million and Grayscale’s GBTC with $115.53 million.
Other Bitcoin funds from Bitwise, Ark & 21Shares also experienced sizable outflows.
Spot Ether ETFs saw $422.3 million in net outflows, led by Fidelity’s FETH at $156.32 million, Grayscale’s ETHE at $122 million, and the Grayscale Mini Ethereum Trust at $88.5 million.
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