Cointime update: Federal judge Colleen McMahon of the Southern District of New York denied sports prediction market Novig’s motion for a preliminary injunction, ruling its sports event contracts are not swaps under the Commodity Exchange Act and that New York may apply its gambling laws, requiring a state gaming license or barring the contracts from listing. Novig, operating as Ludlow Exchange, was designated a CFTC contract market in June 2026 and sued Attorney General Letitia James in August.
NY Judge Denies Novig Injunction, Rules Sports Contracts Not Swaps
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