2:25-cv-575-APG-BNW MOTION HEARING - ROUGH DRAFT - DO NOT CITE!!!
69 forward after today if I grant or deny an injunction? Is this purely a legal issue that needs to be resolved on briefs? Are there factual issues? Do I need to have discovery? MS. WHELAN: I mean, I see it as largely a legal issue. I see it as an issue of statutory interpretation. The CEA gives the CFTC exclusive jurisdiction, but over what exactly? How far does that reach? What's the interplay of the 10th Amendment and the Supremacy Clause, which is something Courts often grapple with? So I do see it as primarily a legal question. THE COURT: For today's purposes, I'm required to sort of decide whether either side can show a likelihood of success on the merits, that legal issue. I'm loathe, L-O-A-T-H-E, as opposed to love, I'm loathe to make a final definitive ruling on these legal issues today beyond just likelihood of success because it is an emergency-type basis. You especially have had shortened time to respond, although Kalshi had a narrow time between the time it was -- felt it had to go forward and put a brief. So I think additional briefing on the legal issues would be helpful to me on a final resolution of the legal issues. And we can talk about that going forward a little bit. But I suppose that would -- you'd like that, to have some more time to really contemplate and put some legal arguments on paper? MS. WHELAN: Yes. Absolutely, I think additional
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UNITED STATES DISTRICT COURT Judy K. Moore, RMR, CRR
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