USCA4 Appeal: 25-1892
Doc: 16
Filed: 10/15/2025
Pg: 77 of 97
fraud against federal agencies is hardly ‘ a field which the States have traditionally occupied. ’” Id. at 347-348 (quotation omitted); see Nazarian ,
753 F.3d at 477 (presumption “ almost certainly not applicable ” in similar
case of pervasive federal regulation). Similarly here, regulating trading on
DCMs is not a field that states have traditionally occupied, making resort to
a presumption improper.
CONCLUSION This Court should reverse the district court’s denial of preliminary
injunctive relief.
Dated: October 15, 2025
By: /s/ Neal Kumar Katyal
Davis Campbell M ILBANK LLP 55 Hudson Yards New York, NY 10001 (212) 530-5222 dcampbell@milbank.com
Neal Kumar Katyal Joshua B. Sterling William E. Havemann Samantha K. Ilagan M ILBANK LLP 1101 New York Ave., N.W. Washington, DC 20005 (202) 835-7505 nkatyal@milbank.com
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