Faced with a 5 p.m. deadline, a federally registered cryptocurrency derivatives exchange operated in part by Crypto.com is challenging the authority of Nevada regulators in federal district court, alleging that the state is unlawfully encroaching on the exclusive regulatory domain of the U.S. Commodity Futures Trading Commission.
Ivan Parron, an entertainment and sports lawyer with Parron Law in Miami, said that if the North American Derivatives Exchange Inc., which operates as Crypto.com | Derivatives North America (CDNA), prevails in the matter against the defendant, Nevada Gaming Control Board, the ruling will affirm that state law does not trump the supremacy clause in the commodities market.