Case: 25-1922 Document: 83 Page: 14 Date Filed: 09/24/2025
Page 13
1 opening briefs, their D.C. Circuit brief, where they say
2 Congress did not want sports betting to be conducted on
3 derivative markets. We agree, and Congress said that
4 essentially in the special rule, it gave some discretion to the
5 CFTC. The CFTC has an implementing regulation, it says the
6 company shall not list. So what they're doing is illegal under
7 federal law. It's illegal under our state law, and there's not
8 going to be a conflict in that circumstance. I will say they
9 can do what they want as long as they get a license in New
10 Jersey, that's all they have to do is comply with our New
11 Jersey --
12
JUDGE CHAGARES: Well, but there are other conflicts,
13 too. I mean, you have to be over 18 in New Jersey. It can't
14 deal with collegiate betting in any -- in any way and other
15 things too, but go ahead.
16
MR. EHRLICH: Certain collegiate games. But, yes.
17
JUDGE CHAGARES: It's in the Constitution.
18
MR. EHRLICH: Correct. Exactly, Your Honor, and they
19 have to comply with those things for New Jersey residents, but
20 again, this is something that companies deal with all the time
21 is parallel -- parallel federal and state regulations. We
22 quote examples at page 52 of our brief, but antitrust laws,
23 security laws, you know, anti-discrimination laws, companies
24 deal with parallel regulations all the time, and we don't see
25 those things that Your Honor pointed out as, as conflicts here.
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