Case 2:25-cv-00978-APG-BNW Document 105 Filed 10/14/25 Page 1 of 27
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UNITED STATES DISTRICT COURT DISTRICT OF NEVADA
NORTH AMERICAN DERIVATIVES EXCHANGE, INC., Plaintiff v. THE STATE OF NEVADA on Relation of the NEVADA GAMING CONTROL BOARD, et al., Defendants
Case No.: 2:25-cv-00978-APG-BNW Order (1) Denying Motion for Judgment on Pleadings, (2) Denying Motion for Preliminary Injunction, and (3) Granting in Part Motion to Strike [ECF Nos. 15, 42, 43]
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Plaintiff North American Derivatives Exchange, Inc. d/b/a Crytpo.com (Crypto) is a Commodity Futures Trading Commission (CFTC) designated contract market (DCM). Earlier this year, Crypto began offering event contracts that turn on the outcome of sporting events. The Nevada Gaming Control Board deemed these contracts to be sports wagering subject to Nevada’s gaming laws and sent Crypto a cease-and-desist letter. Crypto brought this suit to permanently enjoin the Nevada Gaming Control Board, its members in their official capacities, and the Nevada Attorney General from pursuing civil or criminal enforcement against Crypto for offering event contracts in Nevada. Crypto contends that its contracts are legal under federal law and that Nevada law is preempted due to the CFTC’s exclusive jurisdiction over transactions on DCMs. Crypto moves for a preliminary injunction to preclude the defendants from pursuing civil or criminal remedies against it. Crypto also moves for judgment on the pleadings and to strike the defendants’ affirmative defenses. The defendants oppose, arguing that Crypto is not likely to succeed on the merits because the Commodity Exchange Act (CEA) does not preempt Nevada
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