Case 4:25-cv-14092-SDK-KGA ECF No. 29-1, PageID.509 Filed 01/26/26 Page 20 of 32
the exclusive right to regulate gaming activity on Indian lands.” 25 U.S.C. § 2701(5). On the other hand, it prohibits tribes from offering sports betting that IGRA plainly authorizes. See 25 C.F.R. § 502.4(c). Moreover, the reach of Coinbase’s broad definition of “swaps” could extend beyond sports betting to encompass other forms of gaming because it has “no limiting principle.” See Hendrick , 2025 WL 3286282, at *6; Crypto.com , 2025 WL 2916151, at *9. Coinbase’s definition of “an event or contingency associated with a potential financial, economic, or commercial consequence” is so broad that it necessarily includes betting on other casino games or class III gaming. This implication means that virtually all gaming activity across the country would be illegal unless offered on a DCM, and, by the same token, DCMs could offer all forms of internet gaming pursuant to their private regulation. The irony of this result is that the gaming conducted pursuant to tribal-state gaming compacts or state law provides significantly more consumer protection than the unregulated sports betting offered by Coinbase, which allows users as young as 18 years old to engage in practically limitless betting with very few, if any, guardrails. In fact, as
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