Crypto.com Takes Nevada to Court Over Sports Betting Ban — Who Knew Laws Could Be So Funny? 🧐😂

In a move that could make even the most seasoned gamblers tilt their heads in confusion, Crypto.com’s derivatives arm decided to throw a legal curveball at the Nevada gaming folks. Apparently, Nevada’s gaming and gambling regulator decided that trading contracts about sports events was just too much fun and—shockingly—illegal. So, they slapped a big “Nope” sign on it. 🤨🃏

North American Derivatives Exchange, Inc.—which is just a fancy name for Crypto.com’s North American operations—filed suit in federal court on June 3. Their main gripe? Nevada’s regulator, the NGCB, was unfairly blocking them from offering “derivative contracts that reference sporting events” on their federally approved market. Because what’s better than betting on a game? Betting legally, apparently. 🏈💼

The exchange claims the regulator was way off base, basing their claim on the idea that these contracts are just sneaky ways to gamble on sports, which they say isn’t true. They argue that federal law, specifically the Commodity Exchange Act, says the CFTC—that’s the Commodity Futures Trading Commission—has the authority here, not Nevada’s state folks. Basically, the regulator tried to pretend they were the boss of something they aren’t — classic.

Crypto.com pointed out that courts have already ruled in similar cases, like KalshiEX’s prediction marketplace, that federal law preempts state gaming restrictions. Translation? Nevada and New Jersey can’t tell the federal government what to do with contracts approved and regulated at the national level. It’s like telling a cat how to chase mice—waste of effort. 🐱⚖️

The Nevada regulator wasn’t having it and sent Crypto.com a cease-and-desist letter on May 20, warning them of criminal and civil penalties if they didn’t stop offering these sports contracts to Nevada residents. Because nothing says “fun” like legal threats, right? 🙄

Crypto.com insists their sports derivatives are legit under federal law, and that Nevada’s interference is causing “irreparable harm”—meaning, basically, ruining their fun. They also argue that trying to limit access based on location (geo-fencing) would violate federal rules for fair play and impartial access. Imagine juggling federal rules and Nevada law at the same time—what could possibly go wrong? 🤹‍♂️

Now, the exchange is asking for a court order—an injunction—to tell Nevada to back off. They want a clean legal slate that affirms federal supremacy, because apparently, they enjoy a good courtroom drama as much as anyone. 🎭

CFTC’s Super Bowl Spy Game

Back in February, the CFTC looked into contracts tied to the Super Bowl that Crypto.com and Kalshi were offering—because what’s more American than betting on football? 🏈🇺🇸

Crypto.com defended itself vigorously, saying they believe in the legality of their contracts and that the CFTC is the right regulator to keep things fair across all states. Because if you’re going to gamble, make sure it’s done “properly,” right? 🤔

Meanwhile, Kalshi jumped into the fray in March, suing Nevada and New Jersey’s gaming regulators after being told to stop offering sports contracts. Looks like the gambling legal drama is just getting started—and we’re all just watching from the sidelines with popcorn in hand. 🍿

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2025-06-05 08:01