2:25-cv-575-APG-BNW MOTION HEARING - ROUGH DRAFT - DO NOT CITE!!!
83 CFTC-designated market is what the DCM is referring to. That's from the KalshiEX vs. U.S. Commodity Futures Trading Commission , 2024 Westlaw 4512583 at Page 27. That's CFTC's brief to the Circuit Court of Appeals. At least at this moment in time, Kalshi's sports and election contracts are legal under Federal law. That may change at least with regard to the election contracts, depending upon what the D.C. Circuit does in the pending appeal; or it could change if CFTC decides to do something about Kalshi's sports-based contracts, which seem to me still may be under the potential for review under the 90-day period of the relevant statute I cited to earlier, but I don't know. That's a fact beyond my purview right now, but that's a potential that CFTC could come back still and say, we're not going to allow it. But at least as of right now in the short-term, Kalshi's contracts are legal under Federal law, State law is preempted, so Kalshi has shown a likelihood of success on the merits. And because State law is preempted, the defendants here have not shown a likelihood of success on the merits of their motion, so I'm going to deny their counter-motion for an injunction that's filed at ECF Number 35. With regard to likelihood of irreparable injury, Kalshi has presented enough evidence at this stage to show
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UNITED STATES DISTRICT COURT Judy K. Moore, RMR, CRR
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