The enforcement motion over wagers on sports activities occasion contracts adopted Coinbase saying the launch of prediction markets in all 50 US states.
The Nevada Gaming Management Board introduced that it had filed a civil enforcement motion in opposition to Coinbase over wagers on sports activities occasion contracts.
In Monday filings within the First Judicial District Court docket of the State of Nevada in and for Carson Metropolis, the Nevada Gaming Management Board sued Coinbase Monetary Markets over allegations the corporate provided unlicensed wagers on sporting occasions. Authorities adopted by requesting that the courtroom grant a short lived restraining order and preliminary injunction stopping Coinbase from “working a derivatives trade and prediction market” associated to sporting bets.
“The Board takes critically its obligation to function a thriving gaming trade and to guard Nevada residents,” mentioned Mike Dreitzer, chair of the Nevada Gaming Management Board, in a Tuesday assertion. “The motion taken yesterday reinforces this obligation.”
The motion got here lower than every week after Coinbase introduced it had launched prediction markets in all 50 US states as a part of a partnership with Kalshi. Whereas the US Commodity Futures Buying and selling Fee oversees Kalshi on the federal stage, the platform can nonetheless face authorized challenges filed by state-level regulators, together with Nevada’s.
Associated: Tennessee sends cease-and-desist letters to Kalshi, Polymarket, Crypto.com
Cointelegraph reached out to a Coinbase spokesperson for remark, however had not obtained a response on the time of publication.
Polymarket faces related authorized challenges in Nevada
Final week, a Nevada courtroom granted a short lived restraining order in opposition to a Polymarket operator, blocking the platform from providing bets on occasion‑based mostly contracts to state residents. The choose overseeing the case cited “quick” and “irreparable” hurt to authorities’ capacity to control betting and not using a license.
The Coinbase and Polymarket instances and others prefer it on the state stage might problem the CFTC’s authority to control prediction platforms like Kalshi and Polymarket with out clear legal guidelines.
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