The U.S. Commodity Futures Trading Commission (CFTC) has pushed back against Super Bowl event contracts launched by the exchange Crypto.com and the retail betting market Kalshi.

Robinhood said on Tuesday it had suspended trading in Super Bowl betting contracts after the brokerage received a request from the U.S. Commodity Futures Trading Commission. "We are heeding their directive to cease offering these contracts despite the fact that the CFTC has not deemed Kalshi's football championship contracts illegal,

Robinhood reversed course just a day after introducing events contracts that would have allowed investors to trade based on the outcome of the Super Bowl.