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

Crypto.com's derivatives arm has filed a lawsuit against the Nevada Gaming Control Board (NGCB), challenging its ban on sports event contracts. The exchange argues that the NGCB overstepped its jurisdiction by classifying these contracts as 'wagering' under state gaming laws. According to the lawsuit, the Commodity Futures Trading Commission (CFTC) holds sole regulatory authority over such derivatives.

The legal action, initiated on June 3, 2025, underscores a growing tension between state and federal oversight in the crypto derivatives market. Crypto.com maintains that its platform operates as a federally regulated designated contract market (DCM), placing it squarely under CFTC purview. The outcome could set a precedent for how crypto-based financial instruments are treated across U.S. jurisdictions.