Overview
The forgotten half of Maryland. Crypto.com’s exchange arm — North American Derivatives Exchange, the former Nadex — sued the Lottery and Gaming Control Agency’s director and the full Gaming Control Commission under the Commodity Exchange Act in April 2025, days after and one docket number apart from Kalshi’s own Maryland suit. The two drew different judges: Kalshi got Judge Abelson, this one Judge Matthew J. Maddox.
It has produced no ruling and, for a year, no litigation. After a run of agreed extensions of the state’s time to answer, Judge Maddox stayed the case on September 11, 2025 pending the appeal in Fourth Circuit No. 25-1892 — which is Kalshi’s. That is a second platform’s exposure parked behind an appeal it is not a party to, the same structure as Novig’s Massachusetts stay. The Fourth Circuit heard Kalshi’s argument in May 2026 and has not decided, so this docket has been dormant ever since.
Timeline
April 2025
Crypto.com’s Nadex entity sues Maryland’s gaming director, agency and commissioners under the Commodity Exchange Act.
September 2025
Judge Maddox grants a joint motion staying the case pending Kalshi’s Fourth Circuit appeal (No. 25-1892).
What's next: No activity until the Fourth Circuit decides KalshiEX LLC v. Martin (No. 25-1892), argued May 2026 and undecided.
Parties
Plaintiffs
- North American Derivatives Exchange, Inc. d/b/a Crypto.com | Derivatives North America
Defendants
- John A. Martin (Director, Maryland Lottery and Gaming Control Agency)
- The Maryland Lottery and Gaming Control Agency
- Ade Adebisi, Everett D. Browning Sr., Diane Croghan, George L. Doetsch Jr., Harold E. Hodges, E. Randolph Marriner and James J. Stakem (Maryland Lottery and Gaming Control Commission)
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.