Crypto.com and Novig argue that their sports event contracts are financial derivative swaps under exclusive CFTC jurisdiction, which preempts Missouri state gambling laws under the Commodity Exchange Act

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.

Ongoing legal fight over which digital assets count as securities under investor-protection law and which are commodities, determining whether the SEC or CFTC oversees them.