2:25-cv-575-APG-BNW MOTION HEARING - ROUGH DRAFT - DO NOT CITE!!!
5 counsel and ask a bunch of questions and see where we go. So, Mr. Havemann, is that how it's pronounced? MR. HAVEMANN: Yes. THE COURT: Come on up to the podium, if you would, and let me first make sure I understand a little bit of the background of how your client's business works and the regulatory scheme that you're saying applies. So under 7 U.S.C. 2(a)(1)(A), the Commission, CFTC, has, in your opinion, exclusive jurisdiction with respect to agreements -- and I'm paraphrasing -- and transactions involving swaps or contracts of sale of a commodity for the future delivery of certain things that are traded on a registered exchange. So the exclusivity applies to swaps and commodities on a registered exchange, correct? MR. HAVEMANN: That's correct. THE COURT: So are sports contracts or election contracts swaps or commodities, or both? MR. HAVEMANN: They are swaps, Your Honor. And I can point you to the statutory language that makes that clear.
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THE COURT: Is that 7 U.S.C. 1a(47)(A)(ii)? MR. HAVEMANN: That's right, Your Honor. THE COURT: All right. Let's walk through that. So
that statute defines a swap as any agreement that provides for any purchase, sale, payment, or delivery that is dependent on the occurrence, non-occurrence, or the extent of the occurrence
UNITED STATES DISTRICT COURT Judy K. Moore, RMR, CRR
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