News: Crypto.com To Pull Sports Event Contracts In Nevada
And more news: Trump picks a new nominee to lead the Commodity Futures Trading Commission.
Crypto.com will stop offering sports prediction markets in Nevada pending an appeal in federal court, the state’s gaming regulator told licensees on Friday.
Earlier this month, a federal judge in Nevada ruled against Crypto.com’s motion for a preliminary injunction against the state. The state had sent cease-and-desist letters to prediction markets for offering sports betting without a license earlier this year, leading to this and two other lawsuits in the state.
The Nevada Gaming Control Board sent out a notice on Friday. Here’s the key excerpt:
Earlier this year, Crypto.com sought a preliminary injunction to enjoin the Board from enforcing Nevada law against it. On October 14, 2025, U.S. District Judge Andrew P. Gordon denied that motion. Crypto.com has indicated that it intends to appeal that decision. In the meantime, the Board has confirmed that after November 3, 2025, and until the resolution of its appeal, Crypto.com will not be offering sports event contracts to Nevada residents. That means Crypto.com will no longer hold open positions in sports event contracts for Nevada residents and will not permit new contracts to be opened.
The news was first reported by Howard Stutz of The Nevada Independent:
It’s the first time that any designated contract market under the Commodity Futures Trading Commission has stopped serving an individual state with sports event contracts. Robinhood had briefly pulled sports event contracts in at least one state for some amount of time earlier this year, but it acts as a futures commission merchant in a partnership with Kalshi.
PayNearMe has developed the gaming industry’s first platform that is purpose-built to dramatically improve the end-to-end payment experience. It enables operators to manage the entire payment journey, for all major forms of payment and through the most popular channels. With PayNearMe, operators gain full control of the payment flow, promoting acquisition, retention and efficiency. One platform, one integration—built to solve gaming’s toughest payments problems.
An accompanying filing in the case in federal court notes that Nevada and Crypto.com came to an agreement and no interim relief would be needed:
Here’s the full notice:
Kalshi had won a preliminary injunction in a similar case in federal court in Nevada.
While Underdog offers sports event contracts in a deal with Crypto.com, it does not serve Nevada.
Trump names new CFTC nominee
Bloomberg reported (paywall) on Friday that President Donald Trump had picked Michael Selig to chair the Commodity Futures Trading Commission.
Selig has been serving as chief counsel of the Securities and Exchange Commission’s crypto task force.
The news comes after the White House pulled Brian Quintenz as the nominee less than a month ago.
The nomination of Selig is clearly meant to make sure cryptocurrency policy moves forward as the CFTC takes on more responsibility in that space. But Selig is likely to face a number of questions about prediction markets and their expansion into sports betting during his confirmation process.