2:25-cv-575-APG-BNW MOTION HEARING - ROUGH DRAFT - DO NOT CITE!!!
15 THE COURT: Commodities defined in 7 U.S.C. 1a(9) -- MR. HAVEMANN: 19. THE COURT: I'm sorry. 19. I've got 9 on my paper,
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but you're probably right. It means wheat, cotton, rice, et cetera. And setting aside the movie references, which I'm not quite sure why a motion picture box office, but whatever. -- all services, rights, and interests in which contracts for future delivery are presently or in the future dealt in.
What does that mean in Kalshi's understanding? MR. HAVEMANN: I'm sorry. I didn't follow the -- THE COURT: At the end of that definition, the word
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"commodity" means all services, rights, and interests, except motion picture box offices, in which contracts for future delivery are presently or in the future dealt in. That's the statutory language. I'm at a loss to understand what that means. It, in a sense, almost swallows the rule because it says a commodity is anything in which there's a contract for future delivery that exists now or might be dealt with in the future. MR. HAVEMANN: I have not focused on that specific language. I have a lot of colleagues at the table who I'm sure will have a good answer to that question, but I don't want to get over my skis here, so why don't I confer with them, and when I get up on reply, I'd be happy to talk about that. THE COURT: Well, I don't want to spend too much
UNITED STATES DISTRICT COURT Judy K. Moore, RMR, CRR
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