Case: 25-1922 Document: 83 Page: 8
Date Filed: 09/24/2025
Page 7
1 elected branches have gotten us here, and to the extent any fix
2 is necessary, and we're not saying it is, isn't that for the
3 elected branches to deal with and not us?
4
MR. EHRLICH: Yeah. So I think a few responses to
5 that, Your Honor. I think we are both looking at the text. So
6 on our side we're looking at the words especially associated
7 with and so associated with -- joined or connected to. We give
8 the example in our brief, you know, lung cancer is associated
9 with smoking.
10
JUDGE CHAGARES: Well it's not only that, it's
11 associated with a potential financial, economic or commercial
12 consequence. I mean that that's -- that's pretty broad.
13
MR. EHRLICH: Yeah, I agree it's broad, and it's
14 because Congress was trying to sweep in various things as part
15 of the Dodd-Frank reforms they couldn't foresee exactly what
16 would become a swap, but it's not unlimited. I think this is
17 similar to the sort of --
18
JUDGE CHAGARES: Well, that's true. Maybe they didn't
19 foresee this. It's a very interesting business model, but --
20 but and maybe they didn't foresee it, but again, isn't that for
21 the elected branches to deal with?
22
MR. EHRLICH: Well I -- it is, but I think what
23 they've done here is not what Kalshi has said they've done, and
24 the reason we know that we have the associated with language,
25 as I pointed out, you know, in our example, in our brief. Lung
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