2:25-cv-575-APG-BNW MOTION HEARING - ROUGH DRAFT - DO NOT CITE!!!
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Congress intended.
So, you know, that gets to one of the points that I hoped to make to Your Honor in response, which is, you know, they indicated that Kalshi could avoid the harm by seeking a license from the State. And then I believe I heard her, Ms. Whelan, say that if we applied for a license from the State, it would be denied and it would be denied on the basis of what they perceive to be a conflict between Federal law and State law. THE COURT: That was more my presumption, but yeah. You heard, yeah. MR. HAVEMANN: Yes. In any event, I shouldn't put words in her mouth, but that is what I took from her answer, and that is a clean articulation of one of the respects in which the State regime here conflicts with the CFTC's authority in this case. THE COURT: So the short answer to my question is, yes, "Too bad, so sad, that's the way it works with preemption"?
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MR. HAVEMANN: That's the way that preemption works. And I do want to emphasize, Your Honor started your
colloquy with Ms. Whelan with the statutory text. You know, I did not hear a response to the plain text of the statute which gives exclusive jurisdiction to the CFTC with respect to accounts, agreements, and transactions involving swaps or
UNITED STATES DISTRICT COURT Judy K. Moore, RMR, CRR
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