2:25-cv-575-APG-BNW MOTION HEARING - ROUGH DRAFT - DO NOT CITE!!!
70 time to really dig into the issues would be a benefit, given the importance of this issue. THE COURT: I don't dispute that at all.
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Let me see if you've answered all of my questions. Are there additional things I haven't asked you
about that I should have? Are there additional points you want to make that you haven't had a chance to yet, before I turn it back to Kalshi? MS. WHELAN: I don't think so. I think we've covered it. THE COURT: Thank you. MS. WHELAN: All right. Thank you, Your Honor. THE COURT: Mr. Havemann, you get the last word. MR. HAVEMANN: Thank you, Your Honor. THE COURT: Since this is your motion. Although there is a counter-motion, I'm going to give you the last word here. MR. HAVEMANN: Thank you. So just a few clarifications -- THE COURT: Please. MR. HAVEMANN: -- from my opening remarks. The first is, Your Honor asked about who sets the initial price of these contracts. Kalshi never sets the price, and there is no initial price. The contract goes live, and it's sort of the same as with a stock offering. There's offers and bids, and a
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UNITED STATES DISTRICT COURT Judy K. Moore, RMR, CRR
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