North American Derivatives Exchange, Inc. (Crypto.com) v. State of Nevada
Also captioned North American Derivatives Exchange, Inc. v. Nevada
Affirmed against the platform (unpublished); cert petition filed9th Cir.Platform v. State
Docket last checked September 22, 2026. Snapshot — not legal advice.
As of September 25, 2026, Nevada has a restriction on prediction-market platforms currently in effect. Nevada status and cases →
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 A Ninth Circuit memorandum disposition is unpublished and non-precedential under that court’s Rule 36-3.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
Logged September 22, 2026
Filing
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.
Crypto.com’s exchange entity sues Nevada and the Gaming Control Board.
October 2025
Chief Judge Gordon denies preliminary injunctive relief (815 F. Supp. 3d 1169).
November 2025
Crypto.com appeals to the Ninth Circuit (No. 25-7187).
April 2026
Argued and submitted with the Kalshi and Robinhood appeals to Judges Nelson, Bade and Lee.
August 2026
The panel affirms by unpublished memorandum disposition, the same day it decides Assad.
September 11, 2026
Crypto.com petitions the Supreme Court for certiorari (No. 26-344).
What's next: Petition for certiorari No. 26-344, filed September 11, 2026 and framed on the Third/Ninth Circuit split; Nevada’s response is due October 15, 2026. The underlying district case in Nevada was not disposed of by the appeal.
Parties
Plaintiffs
North American Derivatives Exchange, Inc. d/b/a Crypto.com | Derivatives North America
Defendants
State of Nevada, on relation of the Nevada Gaming Control Board
Aaron D. Ford (Nevada Attorney General)
Mike Dreitzer (Chairman), George Assad and Chandeni K. Sendall (Nevada Gaming Control Board)
This page is informational, not legal advice. Nearly every entry in this tracker is a preliminary ruling under appeal. Always verify a platform's current, location-specific eligibility directly with the venue before relying on this page.