2:25-cv-575-APG-BNW MOTION HEARING - ROUGH DRAFT - DO NOT CITE!!!
26 Control Board regulation because they're not approved by CFTC. They're more like the house setting the bet price, so the Nevada Gaming Control Board can go and regulate the market participants because they fall outside of the CEA by definition? MR. HAVEMANN: I'm not sure what authority the Gaming Control Board would have -- THE COURT: Because here's their authority: You say that the CFTC has exclusive jurisdiction over people, entities, whatever, that are approved by the CFTC. Mom and Pop, Joe and Fred dealing with contracts are not approved by the CFTC. They're the buyer and seller of the contracts. So they're not, by definition, subject to the exclusive jurisdiction of the CEA. So, therefore, because they are not registered with the CFTC, Gaming Control Board can regulate them. MR. HAVEMANN: I think I follow Your Honor's question. I think -- and I want to be very precise in the answer. What the Gaming Control Board is trying to do here is to take Kalshi's contracts off the market. So that is a clear, in our view --
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THE COURT: I get that. I'm going a little far -- MR. HAVEMANN: So to the extent it's regulating
Kalshi, we think there's a serious problem here. If the Board thinks it has some other authority to not regulate Kalshi but to regulate others, I mean, I would still think that you would
UNITED STATES DISTRICT COURT Judy K. Moore, RMR, CRR
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