# North American Derivatives Exchange v. Nevada ***North American Derivatives Exchange, Inc., dba Crypto.com | Derivatives North America v. Nevada*, No. 26-344**, is [[Crypto.com]]'s petition asking the Supreme Court to overturn the Ninth Circuit's ruling that Nevada can apply its gambling laws to the sports event contracts listed on Crypto.com's CFTC-registered exchange. It is the third of three petitions on the question, after New Jersey's in [[KalshiEX v. Flaherty]] and Robinhood's in [[Robinhood Derivatives v. Dreitzer]]. ## How it got here - **District court.** Crypto.com's exchange sued Nevada and its Gaming Control Board in June 2025. In October 2025 Chief Judge Andrew P. Gordon (D. Nev.) denied a preliminary injunction, holding that sports contracts are not "swaps" under the Commodity Exchange Act. In February 2026 the [[CFTC]], under [[Michael Selig]], filed an amicus brief on Crypto.com's side. - **Ninth Circuit, August 28, 2026.** Judges Ryan D. Nelson, Bridget Bade and Kenneth Lee heard the Kalshi, Robinhood and Crypto.com appeals together in April 2026. They affirmed the denial in Crypto.com's case (No. 25-7187) in an unpublished memorandum that relied on the published Kalshi opinion, *KalshiEX, LLC v. Assad*, decided the same day: sports contracts are not swaps, and neither field nor conflict preemption applies. - **The petition.** Crypto.com petitioned on September 11, a day after Robinhood. Its petition frames the case around the split with the Third Circuit over whether sports contracts are swaps. ## Docket (as of October 10, 2026) | Date | Entry | |---|---| | Sept 11, 2026 | Petition filed; response due October 15 | | Sept 15, 2026 | Docketed as **No. 26-344** | | Oct 7–8, 2026 | Nevada asks for more time; granted. Response now due **November 16, 2026** | **Counsel.** Shay Dvoretzky of Skadden, Arps for Crypto.com. For Nevada: Nicole A. Saharsky of Mayer Brown as counsel of record, with Heidi Parry Stern of the office of Attorney General [[Aaron Ford]]. The named respondents include the Nevada Gaming Control Board and its members Mike Dreitzer, George Assad and Chandeni K. Sendall. Nevada hired outside Supreme Court counsel for this petition but not, so far, for Robinhood's. ## Why it matters - **An exchange, not a broker.** Kalshi and Crypto.com list the contracts; Robinhood sells them. Between them the three petitions put every layer of the business before the Court. - **The political connection.** Crypto.com has been Trump Media's prediction-market partner and is the largest corporate donor to the President's super PAC (see [[Crypto.com]]). The administration's CFTC filed a brief on its side in this case. - **What's left below.** The Ninth Circuit only ruled on a preliminary injunction. The district case continues while the petition is pending. ## See also - [[KalshiEX v. Flaherty]] · [[Robinhood Derivatives v. Dreitzer]] · [[CFTC v. Arizona]] - [[Crypto.com]] · [[Robinhood]] · [[Kalshi]] · [[CFTC]] · [[Michael Selig]] - [[Federal Preemption]] · [[Sports Betting]] · [[Prediction Markets]] · [[Legal Cases Hub]]