Crypto.com sues Nevada gaming body over block on sports event contracts
The crypto exchange claims it is fully regulated, and the CFTC has jurisdiction over its sports contracts, not the state of Nevada.
The derivatives arm of crypto exchange Crypto.com has sued the Nevada gaming and gambling regulator over its restriction on the trading of sporting event contracts.
North American Derivatives Exchange, Inc., which does business as Crypto.com’s North American derivatives business, sued the Nevada Gaming Control Board (NGCB) in the state’s federal court on June 3, claiming it improperly blocked the exchange from offering “derivative contracts that reference sporting events on its federally regulated market.”
It claimed the regulator asserted jurisdiction with the “mistaken premise” that contracts traded on the exchange constitute “wagering on sporting events” subject to Nevada gaming laws.
