A Nevada district court has denied a request from state regulators to impose an emergency ban on Coinbase's prediction market operations. The Nevada Gaming Authority had sought a temporary restraining order, alleging that Coinbase was offering unlicensed sports betting products. Instead of granting the injunction, the court scheduled a hearing for next week to allow Coinbase to present its case. Coinbase's Chief Legal Officer, Paul Grewal, announced that the company has filed a lawsuit in federal court, asserting that the U.S. Commodity Exchange Act gives the Commodity Futures Trading Commission (CFTC) exclusive jurisdiction over swaps and event contracts on regulated exchanges. Coinbase argues that the state regulator's actions conflict with the federal derivatives regulatory framework.