Nikolas Sargeant
Crypto.com has initiated legal action against the Nevada Gaming Control Board (NGCB), contesting its attempt to block the exchange's federally regulated sports event derivative contracts. The lawsuit, filed on June 3, 2025, in Nevada's federal court, argues that the NGCB's cease-and-desist order is based on a "mistaken premise" that the contracts fall under state gaming laws.
The exchange contends that the Commodity Exchange Act (CEA) grants exclusive jurisdiction over such financial instruments to the Commodity Futures Trading Commission (CFTC), not state regulators. Crypto.com asserts that complying with Nevada's demands would violate federal regulations requiring impartial, nationwide access to its products.
This legal dispute mirrors a similar case involving KalshiEX, where federal courts ruled that state gaming authorities in Nevada and New Jersey could not regulate federally approved event contracts. Crypto.com cites these precedents to support its claim for federal preemption.
The outcome of this lawsuit could have significant implications for the regulation of sports event derivatives and the balance of authority between state and federal regulators in the United States.
Recent Wins for Crypto.com
Crypto.com has notched several major victories in 2025, reinforcing its status as a global crypto leader. One of the most high-profile developments was a strategic partnership with Trump Media & Technology Group and Yorkville America Digital to launch a series of “Made in America” exchange-traded funds (ETFs) under the Truth.Fi brand. The move signals a bold step into the mainstream investment arena, blending political branding with digital asset innovation.
Another significant milestone came when the U.S. Securities and Exchange Commission (SEC) officially closed its investigation into Crypto.com without pursuing enforcement action. The closure removes a cloud of regulatory uncertainty that had hung over the platform, clearing the way for further growth and institutional partnerships. Additionally, Crypto.com expanded its European footprint by gaining full access to all European Economic Area (EEA) member states, following approval under the Markets in Crypto-Assets (MiCA) regulation by the Malta Financial Services Authority. This regulatory green light positions Crypto.com for broader adoption across Europe.
