Crypto.com has filed a lawsuit against the Nevada Gaming Control Board (NGCB) after the regulator blocked its derivatives trading concerning sporting event contracts. The exchange argues that its operations are regulated federally and not subject to Nevada's gaming laws. It maintains that the Commodity Futures Trading Commission (CFTC) holds exclusive jurisdiction over these contracts, as established by the Commodity Exchange Act. The NGCB sent a cease-and-desist letter to Crypto.com, threatening penalties unless the exchange ceased offering these contracts to Nevada residents. This action allegedly disrupts Crypto.com's business, causing 'irreparable harm,' and it claims compliance with state regulations would conflict with federal mandates for impartial access. The lawsuit seeks a permanent injunction against Nevada's enforcement of its gaming laws and a declaration affirming federal preemption of state authority.

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