Coinbase fends off Nevada’s emergency bid to halt prediction markets
A Nevada judge declined to grant regulators’ bid to halt Coinbase’s event contract markets, as the exchange presses a CFTC preemption argument in federal court.
A Nevada state court denied regulators’ request for an emergency temporary restraining order (TRO) to immediately halt Coinbase’s new prediction market offering.
Instead, the court set a hearing for next week so the exchange can respond, according to Coinbase chief legal officer Paul Grewal.
The Nevada Gaming Control Board (NGCB) filed a civil enforcement action in Carson City on Monday, accusing Coinbase of offering unlicensed wagers on sports event contracts and asking for a TRO and preliminary injunction to block the products for Nevada residents.