Novig loses court shield, and New York gambling laws strike back
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A federal judge denied Novig preliminary protection from New York gambling laws in a Nov. The court said state gambling rules could apply even if Novig's sports contracts qualified as federal swaps.
The order leaves its federal exchange designation intact and addresses interim relief. Sports event-contract exchange Novig was denied preliminary protection from New York's gambling laws on Nov.
10, with a federal judge concluding that the sports contracts at issue remained subject to state rules despite its federal exchange designation. The opinion goes beyond whether those contracts qualify as swaps under federal commodities law.
The judge reasoned that even assuming they do, New York could still apply its gambling rules to the betting activity.
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© CryptoSlate
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A federal judge denied Novig preliminary protection from New York gambling laws in a Nov. The court said state gambling rules could apply even if Novig's sports contracts qualified as federal swaps.
The order leaves its federal exchange designation intact and addresses interim relief. Sports event-contract exchange Novig was denied preliminary protection from New York's gambling laws on Nov.
10, with a federal judge concluding that the sports contracts at issue remained subject to state rules despite its federal exchange designation. The opinion goes beyond whether those contracts qualify as swaps under federal commodities law.
The judge reasoned that even assuming they do, New York could still apply its gambling rules to the betting activity.
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© CryptoSlate
