Crypto.com is escalating its legal battle against the Nevada Gaming Control Board (NGCB), challenging a cease-and-desist order that prevents it from offering contracts related to sports events. The exchange argues that these contracts should be considered financial derivatives, thus falling under federal regulation.
Key Points
- Crypto.com filed a request for a preliminary injunction against the NGCB’s cease-and-desist order.
- The NGCB argues that the contracts are sports bets requiring state licensing, while Crypto.com claims they are commodities regulated by the CFTC.
- Crypto.com cited a recent court victory by Kalshi, which successfully challenged similar regulatory actions in Nevada.
- The platform warns that state intervention may undermine trust in federally approved markets.
- This legal action could set precedents for the regulation of prediction markets across the US.
Why should I read this?
If you’re interested in the evolving landscape of sports betting and cryptocurrency, this article is a must-read! It highlights a major clash between state and federal regulations that could reshape how prediction markets operate. Plus, it showcases how major players like Crypto.com are pushing back against regulatory barriers. Save yourself the hassle and catch up here!
