2:25-cv-575-APG-BNW MOTION HEARING - ROUGH DRAFT - DO NOT CITE!!!
25 different incentives that, you know, distinguish the way -- and I want to be careful to say because it distinguishes the way that Kalshi is regulated because, of course, it is heavily regulated, but it distinguishes it from -- THE COURT: Right. So that's why Kalshi is not the house, it's not the sportsbook. In a sense, the other market participant is the house or the sportsbook because they're setting the price. And they're not a regulated market participant like Kalshi is, so the Gaming Control Board could regulate the market participants because they're not regulated market participants, but they're like the house setting the price. MR. HAVEMANN: I'm not sure. I want to make sure I'm understanding Your Honor's question. THE COURT: Let me try to explain it better because I did a bad job. Your argument in your papers is that the CFTC governs market -- governs those participants who are approved by the CFTC. MR. HAVEMANN: Designated contract markets, that's right. THE COURT: Yes. Okay. So the market participants -- Kalshi's an approved CFTC market participant. The people who are buying and selling the contracts are not CFTC approved or regulated, so they're subject to Gaming
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UNITED STATES DISTRICT COURT Judy K. Moore, RMR, CRR
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