Ludlow Exchange LLC, Novig's registered legal entity, filed a complaint on August 14 in the US District Court for the Western District of Wisconsin, naming Attorney General Josh Kaul and state gaming administrator John Dillett as defendants. The company is seeking an expedited preliminary injunction to prevent Wisconsin from applying its sports betting and gambling laws to Novig's event contract platform.
Novig received Designated Contract Market status from the CFTC on June 16. Its argument is the same one it has pressed in four prior filings: that federal DCM designation displaces state gambling authority entirely, and that enforcement by state officials would threaten the company's ability to operate. Wisconsin is the fifth state to face this suit, after New Mexico, Massachusetts, Washington, and New York.
The company launched sports-focused event contracts nationwide at the start of August, covering NFL games and other sporting outcomes. The Wisconsin filing came thirteen days later.
Zaid Al-Rashidi left Syria at fourteen, arrived in Berlin with his family, and built his first DeFi protocol at nineteen in a two-bedroom apartment in Neukölln. He sold it to Coinbase at twenty-six for eight figures.
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