00:00all right this happened late last week but our friends at ingame.com wrote this article
00:04about christopher dodd from the dodd frank act and the former cftc chair gary gensler both wrote
00:14briefs to the supreme court to take up the prediction market case christopher dodd that
00:23was written by ingame.com his name's on the act said the amendment and regulation left no room
00:30for interpretation for the dodd frank act when it came to whether or not it was supposed to be
00:37dealing with sports he said quote congress did not set out to authorize nationwide sports betting
00:46through derivative markets or displace decades of state and tribal primacy over gaming regulation
00:54the former cftc gary gensler also submitted a brief concurring with christopher dodd saying quote
01:01congress did not transfer jurisdiction over sports betting to the states from the states to the cftc
01:08when congress amended the cea through dodd frank it was addressing the causes of the recent financial
01:18crisis not undoing federal policy against sports betting and displacing traditional state and tribal
01:25regulation congress did not include sports betting contracts within the statutory definition of a swap
01:32this is big okay both briefs sent to the supreme court said that this is in support of new jersey's
01:41petition to have the supreme court hear its case against calci after the third third circuit which went
01:49against the sixth and the ninth remember which ruled in favor of the states this court case ruled in favor
01:56of calci the other three briefs were filed by the nfl the tribes and the american gaming association
02:04this is getting good okay this is getting interesting this is getting you feel like it's starting to come
02:09to a head when there's this many people who are involved who are willing to go out publicly in state
02:14this is not what we intended okay this when we put this into place the loophole that you guys have
02:21found
02:22we don't agree that the commodities exchange act the cea we don't agree that the interpretation being
02:28used by prediction markets to create sports gambling for companies like novig and polymarket in calci and
02:35everybody else draft kings in fanduel and fanatics everybody else who's operating these prediction
02:39markets we don't believe this is legal and again i'm just going to say this because i've been saying
02:46this forever i really do believe when this goes to the supreme court that the supreme court is going
02:52to side on the side of dodd frank of christopher dodd of former cftc chairs and not the side not
03:00the side
03:01of the administration i i don't believe that's going to happen in particular it depends upon what happens
03:06in november but if the house and senate both flip i think the supreme court is going to feel emboldened
03:13to do what i think they would do with a controversial ruling if the senate and the house are both
03:20run by
03:21democrats i don't think it will be nearly as controversial but you're going to go up against
03:25the administration you're going to go straight at trump jr and you're going to go straight at
03:30michael selig and say hey what you guys are doing was never intended and so we're handing this back to
03:38the states if you want to operate a sports gambling business which i do think ultimately calci
03:45polymarket and novig i do think they all want to operate in the prediction market space with sports
03:53in certain states they're going i i've said this before i do not believe that polymarket or calci i
04:00don't believe they're ever going to be gone i don't think novig is going to all of a sudden close
04:05up shop
04:06and be like okay just because the supreme court says you can't do a 50 state solution
04:11they'll say okay we have to go and it will be very expensive but they will do it they will
04:18go apply
04:18for state licenses in particular because the number of licenses available right now in different states
04:25is starting to really grow you can go to arizona right now i could get a license in arizona right
04:30now they're looking for people to take licenses so you can go into these states you can't go to florida
04:37you can't go to new hampshire okay that is a single state one state they're not giving out any other
04:42licenses to one state draft kings in new hampshire hard rock in florida can't go to california can't
04:48go to texas okay so i get it for a company like calci who have built their customer base in
04:55florida
04:55texas and california that's a really bad thing but for other companies like polymarket and novig which
05:02have business in other states and haven't decided to go and market into those states
05:07and saying sports gambling is legal in california and texas come over here with calci like the
05:13marketing did for calci i think that's where we see a lot of things going on and and like i
05:19i think
05:20there is so much um i think there is so much going on right now that people are
05:32it's very much like what team are you on and i don't think that's a good way of approaching it
05:37i think that's a problem actually
05:38actually
