Crypto.com stated in its complaint that Attorney General Catherine Hanaway incorrectly addressed her cease-and-desist letter to Foris DAX, Inc. instead of North American Derivatives Exchange

How governments worldwide set rules for digital assets through legislation, agency rulemaking, licensing regimes and court fights.

Futures, options, and perpetual swaps tied to digital-asset prices, letting traders hedge or lever positions and often dwarfing spot volumes.