2:25-cv-575-APG-BNW MOTION HEARING - ROUGH DRAFT - DO NOT CITE!!!
10
1 2 3 4 5 6 7 8 9
MR. HAVEMANN: Traded on designated contract
markets.
THE COURT: Correct. But the interpretation, or the definition, of swap is statutory, and so who decides whether a -- the coin flip of the Superbowl falls within the statute? Is that CFTC's exclusive jurisdiction to determine whether the definition of swap is met? MR. HAVEMANN: Yes. THE COURT: Do Courts have a role in that? MR. HAVEMANN: Certainly Courts have a role in it, and Federal Courts exercising review of any CFTC determination on the question could, of course, interpret the language of the statute, determining whether the CFTC was right or wrong to conclude that something was a swap. But the exclusive jurisdiction provision was designed to give the CFTC the discretion to determine this rather than 50 different States and the District of Columbia to decide, hey, I don't think this is a swap, or I think this is actually gaming, or I think it's actually a sportsbook. That's precisely what Congress did not want when making these amendments. THE COURT: Again I get that argument. You don't have to -- I completely understand that. I'm just sort of focusing in on, if the coin flip of the Superbowl is or is not a swap and the CFTC has not said one way or the other what it is -- let me make sure I understand your argument. You propose
10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
UNITED STATES DISTRICT COURT Judy K. Moore, RMR, CRR
Made with FlippingBook - Online catalogs