2:25-cv-575-APG-BNW MOTION HEARING - ROUGH DRAFT - DO NOT CITE!!!
65 contracts. We would agree to not pursue criminal prosecution during the time -- for the short time that it would take Your Honor to make a decision in this case. We certainly couldn't agree to an indefinite sort of stay for the time it would take to get all the way through appeal, but we could agree to sort of a limited agreed time. THE COURT: If they didn't offer new contracts in Nevada, you would withhold prosecution for past violations -- MS. WHELAN: Correct. THE COURT: -- while this case litigates here in this Court, until we get a resolution? MS. WHELAN: Yeah, to stop -- to just sort of, as Your Honor put it, stop the bleeding. THE COURT: All right. I appreciate that. Thank you. MS. WHELAN: I also have an answer to your question about why it took so long to send the cease and desist letter. That's because the Board was undertaking an investigation, collecting evidence, placing bets, trying to figure out the extent of Kalshi's offerings in Nevada. So there was some time taken for the Board's investigation before deciding to send the cease and desist letter. THE COURT: Thank you for those responses. Kalshi argues that even if it can geofence around Nevada, doing so would put it in violation of the core principles of the CFTC
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UNITED STATES DISTRICT COURT Judy K. Moore, RMR, CRR
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