Case: 25-1922 Document: 83 Page: 30 Date Filed: 09/24/2025
Page 29
1 Act.
2
I have no idea what they're talking about when they
3 say don't worry, this can only be limited to designated
4 contract markets, that's not how the statute works. On their
5 point for limiting principles on their view, I don't see any
6 limiting principles. The ones that they've pointed to
7 themselves are atexual. The idea that it has to have
8 consequences out in the real world is true for literally
9 everything. As we point out in our brief and the attenuated
10 examples they give, they don't even reference sporting events
11 that themselves are doing something immediately economic. It's
12 talking about a winning Super Bowl equals a parade equals
13 financial consequences, and there's no end to that, and I think
14 when you -- you see that on their platform now, now they're
15 putting on prop bets that are examples of a player catches a
16 certain number of passes, or the teams score a certain number
17 of points. I mean, if they're saying those things are linked
18 to potential financial, economic or commercial consequences, I
19 have no idea what the limiting principle is.
20
There's no limit on it being beyond the control of the
21 parties, by the way, that's in the definition of excluded
22 commodity, not under the definition of swap. So that would
23 come into play later in the process. So that's not a limiting
24 principle, and then we talk about de minimis that's also made
25 up, so I just think there's no actual limit on what -- on what
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