2:25-cv-575-APG-BNW MOTION HEARING - ROUGH DRAFT - DO NOT CITE!!!
41 harm of complying in the meantime. And all of this is so uncertain. I mean, all of this is so uncertain that this is really the point of coming to a Court and seeking a temporary restraining order is you have the certainty of massive financial harm, you have the risk of imperilling your CFTC designation, which would be catastrophic. It would be existential to Kalshi. You have the harm to users and you have the reputational risk. And the reputational risk is a certainty. I mean, the analogy here is if the Chicago Mercantile Exchange said, hey, sorry, I know you have open contracts with us, but we are cutting them off in a particular state. That is unfathomable and that is what we are -- that is what the Board is contemplating here. And the next time a trader wants to place a position, are they really going to do it on a platform that is subject to that kind of volatility, that kind of uncertainty, not just in Nevada, but other states? And that is something that cannot be regained even if we prevail at the end of this lawsuit. And that is another independent irreparable harm. THE COURT: Shifting gears, should I ask the CFTC to chime in on its position on preemption and the legality of sports-based contracts? MR. HAVEMANN: We would welcome the CFTC's participation and feel confident that they would support us.
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UNITED STATES DISTRICT COURT Judy K. Moore, RMR, CRR
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