Nevada regulators are seeking a temporary restraining order and preliminary injunction to immediately halt Coinbase’s sports-related derivatives and prediction market operations within the state.

Nevada Gaming Control Board: “Unlicensed Wagering Will Not Be Tolerated”

On Monday, the Nevada Gaming Control Board filed suit in the First Judicial District Court of Nevada in Carson City against Coinbase Financial Markets. The complaint alleges the company operated sports event contracts that effectively function as unlicensed betting products for Nevada residents.

In its court filing, the Board asked judges to order:

• An immediate suspension of Coinbase’s sports event contracts

• A halt to its derivatives exchange and prediction market activities

• A block on access for Nevada residents

Nevada Gaming Control Board Chair Mike Dreitzer said in a Tuesday statement:

“The Board takes seriously its obligation to operate a thriving gaming industry and to protect Nevada citizens. The action taken yesterday reinforces this obligation.”

The message from state regulators was clear: crypto-based sports wagering without proper licensing will face swift enforcement.

Coinbase 50-State Expansion Triggers Legal Pushback

The enforcement action followed Coinbase’s announcement that it had launched prediction markets across all 50 US states through a partnership with Kalshi.

While Kalshi operates under federal oversight from the US Commodity Futures Trading Commission (CFTC), state authorities maintain they still hold jurisdiction over sports betting activities conducted within their borders.

Nevada officials argue that sports-based event contracts fall squarely under traditional gambling regulations, meaning Coinbase cannot legally offer them without a state gaming license.

At the center of the dispute is a growing regulatory conflict:

• The CFTC oversees prediction markets at the federal level

• States claim authority over sports wagering

This jurisdictional overlap is now becoming a major fault line for crypto-native betting platforms.

Polymarket Ruling Sets a Precedent

Just days before the Coinbase lawsuit, a Nevada court issued a temporary restraining order against a Polymarket operator, preventing the platform from offering event-based contracts to state residents.

The judge cited “immediate” and “irreparable” harm to Nevada’s ability to regulate betting without proper authorization.

Together, the Coinbase and Polymarket cases signal a broader shift: state regulators are moving aggressively to assert control over prediction markets tied to real-world events.

CFTC Authority Now Under Pressure

These developments extend far beyond Coinbase.

Legal analysts warn that the growing number of state-level actions could:

• Undermine the CFTC’s exclusive authority over prediction platforms

• Expand the power of state gaming regulators

• Force Kalshi, Polymarket, and similar platforms to rethink their US operating models

The takeaway is increasingly clear: federal approval alone may no longer be sufficient.

A Turning Point for Crypto Prediction Markets

Nevada’s intervention could spark similar enforcement actions across other states. Sports-linked event contracts, in particular, now appear likely to be folded into traditional gambling frameworks.

Coinbase has not yet released a formal response to the lawsuit. Market participants, however, view the case as more than a commercial dispute — it represents a structural battle over who controls the future of prediction markets in the United States.

The outcome could reshape how Web3-based betting platforms operate nationwide.

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Coinbase Policy Officer Faryar Shirzad stated on X.com, “Implementation rules should stick to the clear purpose of the bill text and ensure that U.S.-issued stablecoins maintain flexibility and competitiveness needed to become a global payment standard.” This statement highlights the importance of supporting innovation while promoting stablecoins as a payment tool.

Impact on Innovation and Stablecoin Recommendations

Building on its call for focused regulation, Coinbase urged regulators to interpret the law narrowly. The company noted that the GENIUS Act’s prohibition on interest payments applies only to stablecoin issuers, not to intermediaries or exchanges offering loyalty rewards. “Treating third-party rewards as prohibited ‘benefits’ would rewrite carefully drawn lines and contradict the law’s intent,” the company warned.

Moreover, emphasizing the practical implications of the law, Coinbase recommended that payment stablecoins be treated as cash equivalents for tax and accounting purposes. Shirzad added, “Payment stablecoins reflect the stability of fiat currency. They also provide similar utility in their design and function. Tax practices should recognize this fact. Tax practices should recognize this fact.” Finally, the company encourages the Treasury and IRS to adopt a pragmatic, low-cost approach regarding stablecoin taxation and regulation.

GENIUS Act: Federal Framework and Requirements

The GENIUS Act, passed in July 2025, establishes a federal framework for stablecoins in the U.S. The law mandates that stablecoins be fully backed by U.S. dollars or equivalent liquid assets, requires annual audits for certain issuers, and provides guidance for foreign stablecoin issuers.

Coinbase’s warning underscores the need to implement regulations without stifling innovation, ensuring the U.S. maintains a leading position in the crypto ecosystem. The guidance also seeks to guarantee that developments in stablecoin payments align with global financial systems.

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Harris’ Tenure and Crypto Legacy 

During her four-year tenure, Harris turned NYDFS into one of the most influential crypto regulatory bodies worldwide. She implemented the BitLicense licensing framework, which became a model for other states and international regulators. Harris oversaw major crypto firms, including Coinbase, Circle, and Gemini, ensuring compliance and financial integrity. 

Notably, she brokered a $2.2 billion settlement with Gemini, reinforcing anti-money laundering and cybersecurity measures. Harris also issued eight regulatory guidance documents covering stablecoins, market manipulation, and blockchain analytics, setting clear industry standards. Her leadership allowed firms to self-certify token listings, improving transparency and efficiency. 

Global Collaboration and Future Vision 

Upon leaving, Harris emphasized her support for a “crypto passporting” initiative between the US and the UK. This regulatory cooperation enables cross-border access for crypto firms and promotes global compliance standards. Harris highlighted the importance of unified global rules for the sustainable growth of the crypto market. 

Incoming Director Kaitlin Asrow 

Kaitlin Asrow will serve as interim NYDFS director starting October 18, 2025. Asrow previously led the Research and Innovation Division and has extensive experience in crypto regulation. She aims to further strengthen NYDFS’s regulatory team and advance financial inclusion and innovation policies. 

Key Achievements 

• Implementation of the BitLicense licensing framework 
• $2.2 billion settlement and robust regulatory oversight 
• Publication of stablecoin and blockchain guidance 
• Advocacy for global crypto passporting 

Harris’ resignation signals the end of a pivotal era in US crypto regulation, with potential ripple effects on altcoin markets and regulatory practices worldwide. 

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The post Crypto World Shocked: NYDFS Chief Harris Resigns appeared first on Coin Engineer.

Garlinghouse attributed this shift to the upcoming Trump administration and Donald Trump’s pro-crypto rhetoric. The CEO shared the following statement on X on January 5:

“Team Trump is already jumpstarting innovation and job growth in the US with Scott Bessent, David Sacks, Paul Atkins, and others at the helm — and they are not even in office yet! Say what you want, but the ‘Trump effect’ is already making crypto great again.”

The Crypto Industry Looks to Trump With Optimism

Industry leaders, investors, and developers are optimistic that the Trump administration will create a more crypto-friendly regulatory environment.

You Might Be Interested In: Elon Musk Shared, That Memecoin Flew: Up 500%!

The second term of Donald Trump officially begins on January 20, but the crypto sector has already started gearing up.

Hive Digital announced its headquarters relocation from Vancouver, Canada, to San Antonio, Texas, USA. In a December 31 statement, the company said:

“The new administration under President-elect Donald Trump has demonstrated a more pro-Bitcoin stance.”

Morgan Stanley, one of the largest financial institutions globally, is considering adding crypto trading to its E-Trade platform. The company’s spokespersons cited the Trump administration’s pro-crypto comments as one of the reasons behind this potential move.

ARK Invest founder Cathie Wood predicted a rise in corporate mergers and acquisitions over the next four years. She also forecasted that Bitcoin (BTC) could reach a price of $1 million by 2030, driven by pro-innovation policies and Bitcoin’s scarcity.

The asset management firm added that expected deregulation under Trump’s second term would foster a more business-friendly regulatory environment.

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The post Ripple CEO Makes Striking Statements! appeared first on Coin Engineer.

Fraud and Manipulation Tactics in the US Allegations

As part of the investigation, it was stated that these individuals gave fake buy-sell orders to artificially increase or decrease cryptocurrency prices, and tried to make a profit by misleading investors. With this manipulation method called “Pump and Dump”, the prices of cryptocurrencies were increased rapidly and then the accused individuals were making unfair profits from the market by selling at high prices.

According to Reuters, these companies include GotBit, Zm Quant, Cls Global and Mytrade.

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It is also alleged that scammers are targeting investors through fake cryptocurrency projects and platforms and are defrauding investors of large amounts of money through these projects. Both small investors and large institutional investors have been victimized by these methods.

US Pressure on the Cryptocurrency Sector is Increasing

With the increasing popularity of the cryptocurrency sector in recent years, the US government has begun to take steps to tighten regulatory measures. While the SEC and other federal agencies are working to make cryptocurrency markets more transparent and reliable, they also emphasize that criminal sanctions for illegal activities should be increased. This case is seen as one of the most comprehensive measures taken against illegal activities in the cryptocurrency sector.

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The post US Charges 18 Individuals and Companies with Cryptocurrency Manipulation and Fraud appeared first on Coin Engineer.

Is Kamala Harris Interested in the US Crypto Landscape?

Popular venture capitalist Nic Carter has outlined ten actions that Kamala Harris can take to gain the backing of crypto enthusiasts.

Firstly, he advises her to unequivocally end Choke Point 2.0, an initiative where U.S. regulators restrict banking services to digital asset firms, effectively de-banking the crypto market. Carter, a long-time critic of this policy, emphasizes its abolition as a crucial step.

Might interest you: Kamala Harris Releases First Election Ad Ahead of Bitcoin Conference

Next, Carter encourages Harris to repeal the SEC Staff Accounting Bulletin No. 121 (SAB 121), echoing a motion introduced in February by Reps. Mike Flood and Wiley Nickel. Additionally, he urges Harris to rein in the SEC, end the regime of regulatory opacity, stop harassing Bitcoin (BTC) miners for purchasing energy, and indicate openness to stablecoin and market structure bills.

Carter also suggests stopping the stonewalling of new master accounts for crypto banks, ending the soft prohibition on banks handling crypto and stablecoins, and dropping frivolous SEC cases against crypto firms like Coinbase.

Implementing these actions, Carter believes, could put Harris in the good graces of crypto enthusiasts.

Crypto Takes Front Stage in US Elections

The crypto community and digital asset service providers seek more security and clarity than Nic Carter’s proposals alone offer. Many crypto enthusiasts are also calling for the removal of Gary Gensler as Chairman of the SEC. However, Carter’s ten points could be a starting point for Harris to mend bridges with the crypto community.

The US presidential race has seen crypto becoming a significant political battleground, with candidates emphasizing their crypto stances. Independent presidential candidate Robert F. Kennedy Jr. highlighted his Bitcoin investments during the 2024 Bitcoin Conference, stating that more than half of his wealth is in BTC.

Similarly, Donald Trump is actively seeking crypto donations, reflecting his pro-Bitcoin stance. His fundraiser, with a target of $100 million, has reportedly raised between $30 million and $50 million so far.

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The post Nic Carter Hands 10 Action Plans to Kamala Harris to Gain Crypto Support appeared first on Coin Engineer.