2:25-cv-575-APG-BNW MOTION HEARING - ROUGH DRAFT - DO NOT CITE!!!
16 time on it because it really just gets to whether or not, again, this falls within the definition of a swap or a commodity, so I'm going to set that aside temporarily. We talked about the coin flip. Could you or your clients or me bet on the outcome of the D.C. Circuit Court of Appeals' decision on your client's appeal there? MR. HAVEMANN: I don't -- I certainly don't believe that Kalshi has a contract on that, so -- THE COURT: But it could? There's certainly economic decision as a result, economic consequences. The purpose of a commodity, as you describe in your papers, is somebody wants to hedge their bets. In case corn futures drop, I want a protection on the back end. Certainly Kalshi could want to hedge its bet that it loses in the D.C. Circuit, so it could, theoretically, create a market and buy and sell contracts on the results of its appeal of the D.C. Court of Appeals. MR. HAVEMANN: Yeah. So the reason I'm hesitant to answer the question is just because I know that there are people within the company who sort of make these decisions and may have made decisions with respect to any particular example that you give, so I want to make sure that I'm giving Your Honor an answer that's consistent with my client's views. So, again, I'm happy to confer and answer that question when I get back up, but I think --
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UNITED STATES DISTRICT COURT Judy K. Moore, RMR, CRR
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