Overview
The first platform suit in Massachusetts, and so far the only one to reach an appeals court there. Robinhood Derivatives, LLC, a CFTC-registered futures commission merchant that routes its customers’ event-contract orders to exchanges, sued the Attorney General and the Gaming Commission on September 15, 2025, three days after the Attorney General sued Kalshi, seeking a declaration that the Commodity Exchange Act preempts the state’s sports-wagering law as applied to contracts traded on a designated contract market.
It never got a merits ruling. On November 13, 2025 Judge Richard G. Stearns dismissed the case without prejudice as unripe: the Commonwealth had stipulated it would bring no enforcement action against Robinhood while its injunction motion against Kalshi was pending in state court, and Robinhood then offered sports contracts only through Kalshi, so any threat to Robinhood depended on how the Kalshi case came out. The court reopened the case in January 2026 after Robinhood showed it had added a second exchange, ForecastEx, then dismissed it again on March 13, 2026 after Robinhood said it had stopped offering sports contracts through ForecastEx.
Robinhood appealed the same day. The First Circuit appeal (No. 26-1257) asks whether the case is ripe and whether Robinhood has standing, not whether the state law is preempted. Briefing closed in August 2026, and the court heard argument on November 4, 2026.
Timeline
September 15, 2025
Robinhood Derivatives sues the Massachusetts Attorney General and Gaming Commission for declaratory and injunctive relief.
November 13, 2025
Judge Stearns dismisses the case without prejudice as unripe, relying on the Commonwealth’s stipulation not to enforce against Robinhood while the Kalshi injunction motion is pending.
January 2026
The court grants reconsideration and reopens the case after Robinhood shows it has contracted with a second exchange, ForecastEx; Robinhood files an amended complaint and a renewed injunction motion.
March 13, 2026
The court denies the injunction and dismisses the case again after Robinhood says it has stopped offering sports contracts through ForecastEx; Robinhood appeals the same day.
May 2026
Robinhood files its opening brief in the First Circuit, arguing its claim is ripe and that it has standing.
August 2026
Robinhood files its reply brief, completing briefing.
October 2026
The First Circuit calendars argument for November 4, 2026.
November 4, 2026
The First Circuit hears argument in Boston before Judges Montecalvo, Kayatta and Neumann.
What's next: The First Circuit heard argument on November 4, 2026 in Boston, before Judges Montecalvo, Kayatta and Neumann, and the decision is pending. The appeal concerns ripeness and standing only, not whether federal law preempts the state’s sports-wagering law.
This page is informational, not legal advice. Nearly every entry in this tracker is a preliminary ruling under appeal. Always verify a platform's current, location-specific eligibility directly with the venue before relying on this page.