Crypto.com and Novig Sue the State of Missouri, Challenging Its Ban on Sports Event Contracts

North American Derivatives Exchange, the CFTC-registered exchange behind the Crypto.com prediction market, and Novig (via its exchange operator Ludlow Exchange) filed separate lawsuits in the U.S. District Courts for the Western and Eastern Districts of Missouri on October 16 against state officials led by Missouri Attorney General Catherine Hanaway. The plaintiffs seek to enjoin the state from enforcing its sports wagering laws against their sports event contracts. The claimants argue that the Commodity Exchange Act grants the CFTC exclusive jurisdiction that preempts state gambling laws, and that the Missouri Constitution only authorizes two mobile sports wagering licenses, both of which have already been issued with no further availability for new applications.

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