Case: 25-1922 Document: 83 Page: 34 Date Filed: 09/24/2025
Page 33
1
And the last thing I'll just say for Your Honors, this
2 would, as the amicus briefs point out, and I pointed out in my
3 opening with Congress not intending this to be the result. The
4 CFTC does not regulate gaming. They are woefully inadequate to
5 regulate gaming, and we see this in the -- in the CFTC's own
6 notices in the Federal Register, and I would point Your Honors
7 to 89 Fed Reg 48982, where they said the Commodity Exchange Act
8 and the Commission regulations are focused on regulating
9 financial instruments and markets, and do not include
10 provisions aimed at protecting against gambling specific risks
11 and concerns, including customer protection concerns inherent
12 in gaming.
13
So this would be a massive sea change in how to
14 regulate gaming. Again, if they're correct, all of it has to
15 be on a CFTC regulated exchange and would preempt all state
16 laws. Our case is narrow, it's just about sports. It's not
17 about anything else, but even in that this is a massive
18 billions and billions of dollar industry that they're upending
19 with the -- with their theories here. So with that, I
20 appreciate the Court's indulgence in letting me go over time,
21 and we would ask that the Court reverse.
22
JUDGE CHAGARES: Thank you, thank you, thank you,
23 counsel. We'd ask that the that the parties order a transcript
24 and split the cost of that, of this particular oral argument.
25 We're going to take this case under advisement. It's an
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