Case: 25-1922 Document: 83 Page: 21 Date Filed: 09/24/2025
Page 20
1
JUDGE PORTER: In the brief, you invoked field
2 preemption and conflict preemption, what's the -- what's the
3 scope of the field that you're arguing?
4
MR. HAVEMANN: The field that Congress has preempted
5 is the field of regulating trading on federally designated
6 contract markets, and we think that that's actually --
7 although, the Seventh Circuit couched its decision in conflict
8 preemption terms, I mean, we cite a case that says, you know,
9 these categories are not rigidly distinct. We understand the
10 Seventh Circuit case.
11
JUDGE CHAGARES: But see, you've -- you've argued
12 alternatively, which do you think is the appropriate, more
13 appropriate analysis, conflict or field?
14
MR. HAVEMANN: We certainly think both, but you know,
15 the District Court ruled on field preemption.
16
JUDGE CHAGARES: Yes.
17
MR. HAVEMANN: We think that's absolutely right. We
18 can -- we think that the Court can affirm on that basis,
19 and we just think that if there's any doubt on that
20 question, if there's any doubt about the, you know, the
21 nature of the field or anything else, if you look to
22 conflict preemption, it's equally clear for the reason
23 that the Seventh Circuit again, noted in the American
24 Agriculture case, what the Seventh Circuit said is a state
25 law that would directly affect trading on or the operation
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