Case 2:25-cv-00978-APG-BNW Document 105 Filed 10/14/25 Page 14 of 27
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“occurrence”). Merriam-Webster’s stated that an occurrence “may apply to a happening without intent, volition, or plan,” while an event “usu. implies an occurrence of some importance.” Merriam-Webster’s Collegiate Dictionary (11th Ed. 2003) (under the definition of “occurrence”). 7 Although definitions for both occurrence and event refer to a happening and are often referred to as synonyms, Congress chose different words for occurrence and event in the definition of a swap, and I must ascribe some significance to that decision. See S.E.C. v. McCarthy , 322 F.3d 650, 656 (9th Cir. 2003) (“It is a well-established canon of statutory interpretation that the use of different words or terms within a statute demonstrates that Congress intended to convey a different meaning for those words.”). I thus cannot interpret occurrence and event to both mean anything that happens. The ordinary meaning of the word occurrence is something happened, and that is consistent with the surrounding words of nonoccurrence and extent of the occurrence. Those words mean something happened, did not happen, or happened to an extent. For example, in the context of sports, 8 a boxing match could either take place (occurrence), not take place (nonoccurrence), or go only three rounds (extent of the occurrence). The ordinary meaning of event is a happening of some significance that took place or will take place, in a certain location, during a particular interval of time, such as a particular sporting 7 In discussing synonyms for “event,” Random House stated that an event “is usually an important happening” whereas an occurrence is “something that happens, often by surprise.” The American Heritage Dictionary likewise distinguished occurrence versus event, stating that “[o]ccurrence and happening are the most general” and “[e]vent usually signifies a notable occurrence.” The American Heritage Dictionary of the English Language (4th ed. 2000) (definition for occurrence). 8 The definition of a swap was not written specifically for sports. I thus am not interpreting the statutory terms solely or primarily as they apply to sports. But sports provide a useful illustration of the terms and are particularly relevant in this case where Crypto is offering sports-based contracts.
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