North American Derivatives Exchange Inc., which does business as Crypto.com, is suing Nevada’s gaming commission asserting its attempts to regulate the company’s offerings are preempted by federal law.
The Nevada Gaming Control Board allegedly threatened enforcement actions against the company unless it stopped offering specific event-based contracts for sporting events. NADE claims in a complaint filed Tuesday in the US District Court for the District of Nevada that the board’s threatened actions unlawfully conflict with the US Commodity Futures Trading Commission’s exclusive jurisdiction over the market.
NADE offers “event contracts,” whose returns depend on the outcome of specific events, ...
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