In brief
- A Nevada judge denied Crypto.com’s injunction request to block state gaming regulations, contradicting an earlier ruling favoring Kalshi.
- The judge ruled Crypto.com’s sports contracts don’t qualify as “swaps” under federal law based on “outcome” versus “occurrence” distinctions.
- A legal expert called the ruling “completely fanciful” and predicts it will be overturned on appeal.
It seems like the legal tide might be turning against prediction market companies in the fight against state regulators in the United States, with a Nevada federal judge denying Crypto.com’s request for relief last Thursday.
Crypto.com, like current market leader Kalshi before it, had preemptively sued the Nevada Gaming Control Board in June, seeking a…
Oct 10 2025
