Case: 25-1922 Document: 83 Page: 29 Date Filed: 09/24/2025
Page 28
1
So Dodd-Frank, you know, happens in the wake of the
2 UIGEA, and the wake of Congress's recognition that this sort of
3 conduct, even though broadly, you know, primarily, of course,
4 it is still true that states primarily have the authority to
5 regulate gaming, just not in the narrow application here.
6
JUDGE CHAGARES: All right. Thank you.
7
MR. HAVEMANN: Thank you.
8
JUDGE CHAGARES: Do you have anything else, Judge
9 Porter? Judge Roth, do you have anything else?
10
JUDGE ROTH: Nothing further. Thank you.
11
JUDGE CHAGARES: Okay. Thank you. Thank you,
12 counsel, we'll hear rebuttal.
13
MR. EHRLICH: Thank you, Your Honor.
14
JUDGE CHAGARES: Sure.
15
MR. EHRLICH: I'd like to make five hopefully fairly
16 brief points, two on swap and three on preemption.
17
First on swap, I think, again, we heard from the other
18 side. Don't worry. Nothing to see here. CFTC is just
19 controlling what's on their designated contract markets. I've
20 never heard an explanation of how that works with the statute.
21 Section 2E makes it illegal for persons to trade swaps outside
22 of designated contract markets. Section 6D(a) talks about how
23 companies have to register in order to accept swaps. So our
24 casinos are not registered, for example, and then 13A makes it
25 a crime to trade -- to willfully violate the Commodity Exchange
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