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Crypto Daily 2025-06-08 17:34:14

Crypto.com Sues Nevada Gaming Commission Over Ban on Sports Event Contracts

Crypto.com Sues Nevada Gaming Commission Over Ban on Sports Event Contracts

Crypto.com’s derivatives arm sued the state of Nevada’s gaming and gambling regulator over its block on sports event contracts. The fully regulated exchange claims the CFTC has jurisdiction over its sports contracts, not the gaming board. The lawsuit claims the Nevada Gaming Control Board (NGCB) is acting beyond the scope of its jurisdiction. NGCB Improperly Bans Sports Event Contracts Business associates of Crypto.com’s North American derivatives business, North American Derivatives Exchange, Inc., sued the Nevada Gaming Control Board (NGCB), alleging the board impeded Crypto.com from offering “derivative contracts that reference sporting events on its federally regulated market.” In a lawsuit filed on June 3, 2025, the exchange asserts that the NGCB asserted jurisdiction by mistaking that contracts traded on Crypto.com constitute “wagering” on sporting events according to the state’s gaming laws. The lawsuit details: “Nevada has purported to assert jurisdiction over CDNA, a federally regulated designated contract market (“DCM”), on the mistaken premise that contracts traded on the DCM constitute “wagering on sporting events” subject to Nevada gaming laws.” In its lawsuit the exchange argues that federal law, the Commodity Exchange Act in this regard, affords the Commodity Futures Trading Commission (CFTC) sole jurisdiction over these events. Federal Law Prevails Crypto.com asserts that the state of Nevada’s gaming commission acted beyond its jurisdiction. In an excerpt of the lawsuit, the exchange claims: “NGCB has no authority to regulate, let alone prohibit, derivatives trading offered by a federally regulated DCM [designated contract market] operating pursuant to federal law.” The exchange challenged Nevada state-level governance, taking issue with its interference with a federally regulated platform. Crypto.com and several other exchanges are federally regulated and report to the Commodity Futures Trading Commission (CFTC). The June 3 lawsuit cites two recent federal injunctions involving KalshiEX, a predictions marketplace, where courts found that state gaming boards in Nevada and New Jersey (New Jersey Division of Gaming Enforcement) could not interfere in federally approved event contracts. Bloomberg reported in March 2025, KalshiEX said the following over Nevada’s attempted state-level interference: “Nevada’s attempt to regulate Kalshi intrudes upon the federal regulatory framework that Congress established for regulating futures derivatives on designated exchanges.” KalshiEX’s lawsuit specified: “The Commodity Exchange Act explicitly and unambiguously delegates the ‘exclusive’ power to oversee, approve, and regulate futures trading on registered exchanges to a federal agency – the CFTC.” Kalshi’s lawsuit came after Nevada and New Jersey regulators issued cease-and-desist orders instructing it to stop sports contracts. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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