Crypto.com Takes NGCB to Court Over Sports Contracts
Crypto.com, a North American Derivatives Exchange, has sued the Nevada Gaming Control Board (NGCB) in a federal court. Crypto.com is fighting the NGCB’s attempt to stop it from offering special financial contracts related to sports.
Crypto.com offers contracts where people can bet on things like sports outcomes, but these are regulated by a federal agency called the Commodity Futures Trading Commission (CFTC) under a law called the Commodity Exchange Act.
Crypto.com says the CFTC is the only one allowed to control these contracts. However, the NGCB, which oversees gambling in Nevada, claims these contracts are like sports betting and should follow Nevada’s gambling rules.
Crypto.com disagrees, saying the NGCB is wrong and has no…
