North American Derivatives Exchange, Inc. (Crypto.com) v. State of Nevada

Overview

Crypto.com’s exchange arm — North American Derivatives Exchange, the former Nadex — sued Nevada in June 2025 after the Gaming Control Board moved against its sports event contracts, and lost. Chief Judge Andrew P. Gordon denied preliminary injunctive relief in October 2025 (reported at 815 F. Supp. 3d 1169); Crypto.com appealed in November 2025.

The Ninth Circuit heard it on April 16, 2026 together with Kalshi’s appeal and Robinhood Derivatives’ appeal, before one panel — Judges Ryan D. Nelson, Bridget S. Bade and Kenneth K. Lee — and decided all three on August 28, 2026. This one was resolved by memorandum disposition: AFFIRMED. The reasoning lives in the published opinion in Assad, which held that sports event contracts are not "swaps" and that the Commodity Exchange Act does not displace state gambling law.

Weight it correctly. A Ninth Circuit memorandum disposition is unpublished and non-precedential under that court’s Rule 36-3. The precedent is Assad; this is the same panel applying it to a second platform on the same day. The district case itself was not resolved — merits proceedings and discovery continued below through 2026.

Changes

November 2026

• FilingNovember 6, 2026

  Nevada asked the Supreme Court for a second extension, to December 7, to respond to the cert petition from Crypto.com’s exchange (No. 26-344); the exchange consents. The Court had not acted on the request as of November 6.

  Nevada’s letter to the Clerk, No. 26-344 (Nov. 6, 2026)

September 2026

• FilingSeptember 11, 2026

  Crypto.com’s exchange arm petitioned the Supreme Court from its Ninth Circuit loss, No. 26-344, framing the question on the Third/Ninth Circuit split. Nevada’s response is due October 15, 2026.

  Supreme Court docket No. 26-344

Timeline

What's next: Petition for certiorari No. 26-344, filed September 11, 2026 and framed on the Third/Ninth Circuit split. Nevada’s response was due November 16 after one extension; on November 6 Nevada asked for a second, to December 7, citing counsel’s other deadlines, and Crypto.com’s exchange consented. The Court had not acted on the request as of the docket’s November 6 update. The underlying district case was not disposed of by the appeal: Crypto.com moved on October 16 to stay the case or discovery, and that motion is fully briefed and undecided; on October 23 the court entered an order on the parties’ stipulation with a scheduling order whose terms are not on the public record. November 16, 2026: Nevada’s response to the cert petition due (No. 26-344); a consented request to extend it to December 7 is pending

Parties