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Home/Markets & Investing/ROBINHOOD · INSIDER TRADING SEC CHARGE

Robinhood limits prediction market access to eliminate insider trading risks

DL

Dax Lockwood

Robinhood · Apr 14, 2026

Robinhood limits prediction market access to eliminate insider trading risks

Source: DojiDoji Data Terminal

U.S. users on Robinhood can no longer access 'mention markets,' where traders speculate on whether specific phrases will appear in public speeches or earnings calls. The platform has narrowed its range of event-based bets to limit exposure to insider trading and market abuse.

Related Brief1h ago
fintech

Prediction Markets Drive 12% of Robinhood's Total Revenue

Robinhood's prediction markets accounted for approximately 12% of the company's total revenue in 2025. This growth follows the integration of Kalshi's prediction markets into the Robinhood app in March 2025. The move is part of a broader shift toward prediction markets, which Bernstein estimates will grow from $51 billion in annual volume in 2025 to $1 trillion by 2030. Cantor Fitzgerald and Bernstein analysts identify Robinhood and Coinbase as the primary public market beneficiaries of this expansion, with Coinbase having offered the same markets since January. Robinhood CEO Vlad Tenev described the trend as a "prediction markets supercycle."

Jordan Sinclair, president of Robinhood UK, said the firm is "very focused" on preventing market abuse and preventing users from gaining an unfair advantage through privileged information. This caution follows instances of unusually large bets preceding the U.S. attack on Iran in February and charges filed by Israeli authorities against two people who used classified information to bet on military operations.

Related BriefJust now
central banking

Kraken cuts out bank intermediaries with first crypto Fed master account

Kraken can now move money faster and more cheaply by cutting out bank intermediaries. The Kansas City Fed granted the crypto exchange's Wyoming banking arm a limited-purpose master account for one year, allowing it to access the wholesale payments system Fedwire. This access lets Kraken move funds directly via the Fed's payment rails and hold limited balances overnight. Unlike most accountholders, Kraken cannot earn interest on reserve balances, access emergency Fed lending, or use the FedNow and ACH payment systems. The account will initially serve wholesale clients.

Robinhood is operating under CFTC oversight through a partnership with Kalshi, a project expected to generate $300 million in yearly revenue. The company is prioritizing contracts from regulated venues like Kalshi and ForecastEx, while avoiding platforms such as Polymarket that operate with less oversight.

Related Brief1d ago
financial regulation

Blockchain recordkeeping for U.S. securities collateral tests SEC’s tolerance for hybrid finance

A public blockchain could soon play a role in tracking collateral for U.S. securities—without changing who legally holds them. Ondo Finance has asked the SEC not to take enforcement action over a pilot that would record ownership claims to more than 260 U.S. stocks and ETFs on the Ethereum Mainnet, using tokens to represent investor entitlements. The underlying assets would stay in the traditional system, held through the Depository Trust Company (DTC) by broker-dealer Alpaca Securities LLC. What changes is how collateral for Ondo’s offshore investment products is tracked. The tokens, minted by transfer agent Oasis Pro TA and held in BitGo custodial wallets, would mirror security entitlements—claims to assets in custody—not the securities themselves. Alpaca’s off-chain books would remain the official legal record. The blockchain layer would serve as a parallel system, enabling near real-time tracking, automated minting and burning of tokens with investor flows, and better reconciliation. These tokens wouldn’t trade openly. Instead, they’d operate within a controlled environment, with compliance built into the design: transfers screened against watchlists, and the ability to freeze, seize, burn, or reverse transactions. The core regulatory question is whether a broker-dealer can rely on public, permissionless infrastructure to support recordkeeping duties under the Securities Exchange Act and FINRA rules. Ondo argues it doesn’t need to, because the blockchain isn’t the legal record—just a tool. The SEC’s response will determine whether hybrid models that layer blockchain efficiency onto traditional custody can operate within existing law.

Robinhood is currently in a legal dispute with a set of Massachusetts regulators who argue that event-based contracts may be unregistered securities. Robinhood asserts they are federally regulated derivatives under the jurisdiction of the jurisdiction of the Commodity Futures Trading Commission.

Related Brief1d ago
securities law

DeFi User Interfaces Can Now Trade Crypto Securities Without Broker Registration

DeFi user interfaces, including wallet apps and browser extensions, can now facilitate trades in crypto asset securities without registering as broker-dealers. This relief is available to 'Covered User Interfaces'—software that converts user inputs into executable code for self-custodial wallets without handling custody, routing orders, or offering investment advice. The SEC's Division of Trading and Markets staff statement targets these specific tools. To qualify, providers must charge fixed neutral fees agnostic to products or venues and avoid soliciting specific trades or endorsements such as 'best price'. They must also provide clear disclosures of conflicts and cybersecurity measures and objectively vet connected trading systems for liquidity and security. This non-binding interim measure is effective for five years unless withdrawn.

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