Crypto.com Challenges Nevada’s Ban on Sports Event Derivatives

Crypto.com has filed a lawsuit against the Nevada Gaming Control Board (NGCB) after the board blocked the exchange from offering sports event derivatives to Nevada residents. The lawsuit claims that the NGCB acted beyond its authority by classifying these contracts as gambling, rather than financial products regulated at the federal level. Crypto.com believes that the Commodity Futures Trading Commission (CFTC) has jurisdiction over these contracts under the Commodity Exchange Act and argues that state regulators cannot interfere.