2:25-cv-575-APG-BNW MOTION HEARING - ROUGH DRAFT - DO NOT CITE!!!
45 THE COURT: Let me begin by asking if you agree that Kalshi's exchange is registered designated by the CFTC. You don't dispute that, correct? MS. WHELAN: Correct. THE COURT: And why doesn't the CFTC have exclusive jurisdiction over that exchange? MS. WHELAN: Well, they do have exclusive jurisdiction over the exchange itself. Nevada does not want to come in and regulate the exchange. It wants to leave that to the Feds, believe me. What Nevada wants to do is protect Nevada consumers and the perception of the gaming industry in Nevada, which as Your Honor knows, is one of the preeminent gaming industries in the country. So we're here to protect the integrity of the industry, we're here to protect Nevada consumers, and we're here to protect against the Federal Government's encroachment on the State's -- the State's police power, you know, the 10th Amendment traditional realm of regulation that the State itself reserves. THE COURT: All well and good, but the argument made in the reply is -- their argument is that CFTC has exclusive jurisdiction over regulated registered markets like this and whatever they do. And you're trying to say, no, the preemption doesn't apply to the field of gaming. They're not arguing that. They're arguing that it's over regulated markets and if
1 2 3 4 5 6 7 8 9
10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
UNITED STATES DISTRICT COURT Judy K. Moore, RMR, CRR
Made with FlippingBook - Online catalogs