investigations. ( Id. pp. 4, 5.) Defendant Mary Jo Flaherty is sued in her official capacity as interim director of the Division. ( Id. p. 4.) Defendant New Jersey Casino Control Commission (the Commission) is an independent state agency that licenses casinos and related key employees. ( Id. p. 5.) Defendants James T. Plousis, Alisa Cooper, and Joyce Mollineux are sued in their official capacities as chairman, vice chair, and commissioner of the Commission, respectively. ( Id. ) Defendant Matthew J. Platkin is sued in his official capacity as Attorney General of New Jersey. ( Id. ) A. Event Contracts A derivative is a financial instrument or contract with a price that is directly dependent on the value of one or more underlying assets. KalshiEX LLC v. Commodity Futures Trading Comm’n , Case No. 23–03257, 2024 WL 4164694, at *1 (D.D.C. Sept. 12, 2024), stay denied , 119 F.4th 58 (D.C. Cir. 2024). An event contract is a specific type of derivative with a payoff based on a specified event, occurrence, or value. Id. at *2. These contracts are generally binary, the buyer may take a “yes” position that the specified event will take place whereby the seller implicitly takes the “no” position. Id. The contract specifies the value to be paid and may be purchased or sold at any time prior to its expiration date. Id. When the contract expires, the seller must pay the buyer if the event occurs and the buyer is not paid if the event does not occur. Id. The Commodity Exchange Act (CEA) was enacted in 1936 to regulate transactions on commodity futures exchanges. Derek Fischer, Note, Dodd- Frank’s Failure to Address CFTC Oversight of Self-Regulatory Organization Rulemaking , 115 Colum. L. Rev. 69, 69 (2015). In 1974, Congress established the Commodity Futures Trading Commission (CFTC), which has since maintained authority over futures trading. Id. at 70. The 1974 amendments to the CEA were prompted, at least in part, by concerns that states might
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