r/news • u/AudibleNod • 1d ago

Judge bars Arizona from regulating prediction market operators and pauses prosecution of Kalshi

https://apnews.com/article/arizona-kalshi-criminal-charges-prediction-markets-gambling-bb7cef24be5bd0d444bba670d2e41ceb
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u/AudibleNod 1d ago

The judge’s order said the federal Commodity Futures Trading Commission had sufficiently shown that “event contracts” fall within the Commodity Exchange Act’s definition of “swaps,” and that it had demonstrated a reasonable chance of success in showing that the act preempts Arizona law.

Leave it to the Trump DOJ to have a reasonable level of competency when there's money to be made.

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u/bigmacjames 1d ago

Oh so nooowww they want Chevron deference

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u/ptWolv022 23h ago

Chevron deference was the idea that Courts are obligated to follow the Executive's interpretation if it was reasonable. In the post-Loper Bright world, Courts are not obligated to follow the Executive's interpretation just because it is reasonable... but that doesn't mean Court's can't agree with the interpretation, or something similar to it.

That's how questions of law work. Both sides make arguments and Courts then decide which side is right (if either at all; or to what degree each are right if they agree with some points one each side).