A Nevada judge temporarily blocked the prediction market everything Providing contracts for sports, elections and entertainment events in the Bloomberg District I mentioned Friday (March 20).
The temporary restraining order, which can last for up to two weeks, came in a situation where he was in Nevada gaming console Confirms that prediction markets that facilitate unlicensed gambling are illegal in the state, according to the report.
Regulators in Nevada also obtained temporary restraining orders against… Polymarket, Robinhood, crypto.com and CoinbaseThe report said.
When the Nevada Gaming Control Board filed a civil enforcement suit against Coinbase in February, Mike Dritzer“The Board of Directors takes seriously its commitment to operating a thriving company,” the head of the regulator said in a press release Games industry And to protect the citizens of Nevada. Yesterday’s action reinforces this commitment.
Ryan VangrakCoinbase’s vice president of litigation said at the time that the board’s move was a “grab of state power” prohibited by Congress.
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“Nevada’s lawsuit, which was filed without meaningful notice or opportunity for Coinbase to participate, is the type of state power grab that Congress expressly prohibited when the CFTC granted (Commodity Futures Trading Commission) “Exclusive jurisdiction over juvenile contracts,” VanGrack said.
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The CFTC is fighting with state gaming authorities over regulation Prediction markets.
The agency filed a friend-of-the-court brief in support of Crypto.com in its case against the Nevada Gaming Control Board in the Ninth Circuit Court of Appeals.
Chairman of the Commodity Futures Trading Commission Michael Selig He wrote at the time that the CFTC had exclusive jurisdiction over prediction markets and would not allow state governments to undermine that jurisdiction.
“Under the plain language of Commodity exchange law“Event contracts are ‘swaps,'” Selig wrote. “They are derivative instruments that allow two parties to speculate on future market conditions without owning the underlying asset. Following the 2008 financial crisis, Congress explicitly granted the CFTC sweeping authority over any such contract based on a commodity.
In another separate case, Calci faces criminal charges in a lawsuit filed by the Arizona Attorney General on Tuesday (March 17). In this case, Arizona alleges that Calci violated state laws prohibiting the operation of a website Unlicensed betting Businesses that prohibit betting on elections.
