2:25-cv-575-APG-BNW MOTION HEARING - ROUGH DRAFT - DO NOT CITE!!!
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MS. WHELAN: Yes. And I think looking at the specifics in this case is really important here because Kalshi's Complaint alleges that it began offering these sports-related event contracts on January 29 -- or sorry -- January 24, 2025. What was happening then? We had this massive transition in Federal Government from President Biden to President Trump. I suspect it's no coincidence that they waited until January 24 to offer these. And then taking counsel at his word that there's a ten-day period for the CFTC to step in and say, we want to look at this or we don't, you know, that's during a time of massive upheaval in Washington. And so could this have just skirted under the radar? Possibly. But to say that if the CFTC misses that ten-day window to come in and regulate means that no State can come in and say, hey, this is contrary to our -- you know, our gaming laws, our long and storied gaming laws that protect the consumers and protect the integrity, it just -- it seems to be an absurd result. THE COURT: So if the CFTC had said, yes, we're going to allow it in that ten-day period, or looked at it and said, yes, we're going to allow it, that would take away your jurisdiction, then? MS. WHELAN: I don't think so. I'd have a harder case arguing this, but I think we'd still have the 10th Amendment argument that the CFTC is overstepping into a realm
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UNITED STATES DISTRICT COURT Judy K. Moore, RMR, CRR
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