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Nevada Moves to Block Coinbase Prediction Markets After Polymarket Ban

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Nevada Moves to Block Coinbase Prediction Markets After Polymarket Ban

Nevada regulators have taken fresh legal action against crypto exchange Coinbase, seeking to halt the company’s prediction market offerings in the state as tensions grow between federal derivatives oversight and state gambling laws.

Key Takeaways:

  • Nevada regulators are seeking to block Coinbase’s prediction markets, arguing the contracts qualify as unlicensed gambling under state law.
  • The dispute centers on whether event-based contracts fall under federal CFTC oversight or state gaming authority.
  • The case is part of a wider legal clash as multiple US states challenge prediction market platforms.

The Nevada Gaming Control Board on Monday filed a civil enforcement complaint against Coinbase Financial Markets in Carson City, requesting a permanent injunction, declaratory relief, and an emergency temporary restraining order.

Regulators argue the platform is offering event-based contracts tied to sports and elections without the state gaming licenses required under Nevada law.

Nevada Says Coinbase Prediction Markets Violate State Gaming Law

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Coinbase introduced prediction market trading to US users last month through a partnership with Kalshi, a federally regulated designated contract market overseen by the Commodity Futures Trading Commission.

Nevada officials, however, say contracts linked to sporting outcomes and elections constitute wagering activity and therefore fall under state gaming rules rather than federal derivatives jurisdiction.

The board also alleges the Coinbase app permits users aged 18 and older to trade event contracts, below Nevada’s legal gambling age of 21.

In court filings, regulators said the company’s continued operation creates “serious, ongoing, irreparable harm” and gives Coinbase an unfair advantage over licensed sportsbooks that must meet strict compliance, tax, and physical-location requirements.

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The dispute arrives amid a broader legal clash between Coinbase and several US states.

The exchange recently filed federal lawsuits against gaming regulators in Connecticut, Michigan, and Illinois, arguing that prediction markets fall exclusively under CFTC authority and that state enforcement efforts unlawfully restrict innovation.

Those states had issued cease-and-desist notices accusing prediction platforms of unlicensed sports wagering.

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Nevada officials maintain their responsibility is to protect consumers and preserve the integrity of the state’s gaming industry.

Board chairman Mike Dreitzer said enforcement action was necessary to uphold those obligations as new digital betting-style products enter the market.

Nevada Escalates Crackdown on Prediction Market Platforms

The latest case follows a string of enforcement moves against prediction market operators. Nevada previously pursued action against Kalshi over sports-related contracts, triggering a legal battle that remains under appeal.

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More recently, a state court granted a temporary restraining order blocking Polymarket from offering event contracts to Nevada residents for two weeks, signaling judicial willingness to side with state regulators despite federal derivatives oversight claims.

Last month, Kalshi opened a new office in Washington, D.C., as it ramps up efforts to shape federal and state policy amid growing scrutiny of its products across the United States.

The company also hired veteran political strategist John Bivona as its first head of federal government relations.

Meanwhile, a new legislation to limit the interactions between government officials and the prediction markets is being supported by more than 30 Democrats in the US House of Representatives, including former Speaker Nancy Pelosi.

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The lure behind new restrictions is a controversial Polymarket bet, which started as a bet of $32,000 but eventually became more than $400,000 shortly before the unexpected detention of Venezuelan President Nicolás Maduro.

The post Nevada Moves to Block Coinbase Prediction Markets After Polymarket Ban appeared first on Cryptonews.

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Metaplex Launches All-In-One App to Optimize Onchain Capital on Solana

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Crypto Breaking News

Editor’s note: Metaplex has introduced a new self-service application designed to simplify how tokens are launched on Solana. The Metaplex App aims to replace gated launchpads, custom-built infrastructure, and volatile bonding curve models with a standardized, permissionless interface for Token Generation Events. By lowering technical and structural barriers, the platform targets a broader range of issuers, including Web2 companies, institutions, and emerging AI-driven projects. The move reflects a broader shift in onchain capital formation, as tokenization continues to expand beyond crypto-native startups into more traditional and hybrid digital business models.

Key points

  • Metaplex launches a self-service app enabling permissionless token creation without coding expertise.
  • Projects can choose between structured “project tokens” and short-window “memecoin” launch formats.
  • Launch pools replace bonding curves, with anti-sniper protections to reduce bot and insider advantages.
  • At least 20% of sale proceeds are automatically allocated to locked liquidity pools.
  • The app includes a discovery and trading dashboard for participating in and tracking new launches.

Why this matters

As tokenization expands into new sectors, infrastructure that reduces complexity and perceived unfairness becomes critical. By standardizing launch mechanics and embedding liquidity and anti-bot protections, Metaplex is positioning itself as a foundational layer for capital formation on Solana. For builders and institutions exploring onchain fundraising, simplified tooling may lower entry barriers and accelerate adoption.

What to watch next

  • Adoption levels among Web2 companies and institutional projects launching tokens via the app.
  • Early performance and liquidity outcomes of tokens created through launch pools.
  • Integration of the app within the broader Solana ecosystem and SVM-based applications.
  • User activity within the discovery and trading hub as new launches go live.

Disclosure: The content below is a press release provided by the company/PR representative. It is published for informational purposes.

SAN FRANCISCO – February 24, 2026 – Metaplex, the protocol behind over 99% of all tokens and NFTs on Solana, today announced the launch of the Metaplex App, a new platform providing a full-stack, self-service solution for token launches. The application provides an alternative to gated ICOs and chaotic bonding curves, reducing friction for businesses, platforms, and asset classes to leverage the reliable, battle-tested Metaplex launch protocol for global capital formation. 

For years, onchain capital formation has been broken. Creators have been forced to choose between three flawed paths: investing heavy technical resources into custom infrastructure, applying for acceptance into exclusive, gated launchpads, or risking a launch on a bonding curve that often lacks control and favors insiders. The Metaplex App eliminates these barriers, offering a streamlined interface where anyone can create and launch tokens without coding knowledge. Metaplex allows any project, from Web2 companies and institutions to AI agents, to execute a professional Token Generation Event (TGE) permissionlessly.

“The next generation of breakout technology businesses and platforms will launch onchain, using tokens for capital formation and DeFi to deliver their products at scale.,” said Stephen Hess (@meta_hess), the founder of Metaplex and director at the Metaplex Foundation. “ Since 2021, Metaplex has powered 99% of asset creation on Solana, but accessing that infrastructure required deep technical expertise. By moving away from the application only model of traditional launchpads and removing the technical barriers to entry, we are providing every project, from Web2 institutions to AI agents, the ability to formulate capital onchain.” 

The Metaplex App is designed to serve as the foundational entry point for the next wave of global capital. Metaplex is clearing the path for Web2 companies, traditional financial institutions, and emerging AI agents to form capital onchain. This expansion moves the industry beyond speculation and enables a vast array of new asset classes to leverage tokens as a transparent, efficient vehicle for growth. For the first time, projects have a reliable alternative to the friction of traditional funding or the roadblocks native to existing onchain methods, allowing them to focus on building value rather than navigating infrastructure.

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Key features of the Metaplex App include:

  • Self-Service Token Creation: Projects can manage their own launch parameters with no technical skills required. The platform allows projects to choose between two distinct streams designed to scale with their project’s specific needs: project tokens or memecoins. Project tokens are optimized for long-term capital formation and feature higher minimum caps and extended launch pool windows, while memecoins leverage 1-hour launch pools and a lower minimum cap.
  • Anti-Sniper Protection: By utilizing launch pools, the app removes the vulnerabilities of bonding curves and the traditional “first-come, first-served” advantages of presales, the platform prevents bots and front-runners from hijacking the initial supply.
  • Automated Liquidity: To ensure immediate tradability and long-term health, a minimum of 20% of sale proceeds are automatically locked into liquidity pools.
  • Discovery & Trading Hub: A central dashboard for users to discover upcoming launches, participate in active pools, and trade tokens launched on Metaplex.

With over 22 million fungible tokens and nearly 1 billion total assets created to date, Metaplex is reshaping onchain capital formation on Solana. For more information, visit Metaplex.com.

ABOUT METAPLEX

Metaplex is the standard for asset creation on one of the largest blockchain ecosystems in the world. The Metaplex App allows users to discover, trade and launch tokens, while Metaplex asset standards power the largest stablecoins, RWAs, DEXes, launchpads, wallets and other apps on Solana and the Solana Virtual Machine (SVM).

Risk & affiliate notice: Crypto assets are volatile and capital is at risk. This article may contain affiliate links. Read full disclosure

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FG Nexus Offloads $14M in ETH as Corporate Ethereum Treasuries in Pain

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Cryptocurrencies, Ethereum, Bitcoin Price, MicroStrategy, Institutions

FG Nexus, a publicly listed Ethereum treasury and infrastructure company, liquidated another chunk of its Ether treasury on Tuesday, offloading 7,550 ETH worth roughly $14 million.

The latest sale adds to a series of disposals that have locked in more than $80 million in losses on a position built near Ether (ETH) 2025 highs. 

Onchain data from Arkham shows that the firm accumulated 50,770 ETH worth around $196 million between August and September 2025 at an average price of $3,860 per coin.

On Oct. 22, the company doubled down on its ETH accumulation strategy, announcing its intention to sell its Quebec property to accumulate more ETH.

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Cryptocurrencies, Ethereum, Bitcoin Price, MicroStrategy, Institutions
FG Nexus sells 7,550 ETH. Source: Arkham

As the market turned and the ETH price fell from its October highs of over $4,600 per coin to around $2,700 in November, the company began selling.

FG Nexus has offloaded just over 21,000 ETH for about $55 million, and netted a loss of over $80 million.

The company has also seen its share price for FGNX drop roughly 52% over the past month. 

Cryptocurrencies, Ethereum, Bitcoin Price, MicroStrategy, Institutions
FG Nexus share price takes a beating. Source: Google Finance

FG Nexus remains one of the largest publicly traded owners of ETH, with holdings of 37,594 ETH, according to Arkham.

ETH treasury companies under fire

FG Nexus isn’t alone in feeling the pain from an Ether downturn that has left many large corporate treasuries deeply underwater.

Bitmine Immersion Technologies, by far the largest listed ETH holder with 4,422,659 ETH on its books, is sitting on paper losses estimated at around $8.8 billion as Ether trades well below its average acquisition price, even as the company continues to add to its stash

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Related: ETHZilla liquidates $74.5M in Ether to redeem convertible debt

Peter Thiel’s Founders Fund exited its stake in Ethereum treasury firm ETHZilla entirely last week, with ETHZilla’s stock now down about 97% from its all‑time high, as equity markets punish aggressive Ether‑heavy strategies, with other companies actively unwinding.

Trend Research spent February slashing its Ether position on Binance, selling 651,757 ETH for about $1.34 billion on Feb. 8, and locking in an estimated realized loss of around $747 million.

Bitcoin treasury plays feel the heat

The strain on crypto treasury plays is not limited to Ethereum. On Feb. 20, Bitcoin (BTC) treasury company Metaplanet came under fire from shareholders, accusing the company of hiding losses and key details of its Bitcoin bets.

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Despite continued BTC purchases throughout February, on Wednesday, the largest listed owner of BTC, Strategy, became the most-shorted large-cap US stock according to data from Goldman Sachs, as hedge funds turned bearish on Saylor’s highly leveraged, Bitcoin‑centric balance sheet model.

Magazine: Bitcoin’s ‘biggest bull catalyst’ would be Saylor’s liquidation — Santiment founder