# Martha Pacold **Martha Pacold** (born 1979) is a federal judge in Chicago, nominated by [[Donald Trump]] and confirmed **87–3** in July 2019. Her résumé is a conservative legal-movement pipeline: editor-in-chief of the *University of Chicago Law Review*; clerkships with Judges A. Raymond Randolph and [[Jay Bybee]] (who signed the 2002 torture memos) and with Justice [[Clarence Thomas]] (2004–05); counsel to the Attorney General in the Bush Justice Department; partner at Bartlit Beck; and deputy general counsel at the [[Department of the Treasury]]. She has a speaker biography on the [[Federalist Society]]'s site. ## The Illinois ruling (October 2, 2026) Deciding three related cases together (Kalshi's suit, Coinbase's suit against the Illinois Gaming Board, and the [[CFTC]]'s suit against Illinois), she granted a **partial preliminary injunction**. Illinois may not enforce its sports-wagering licensing requirements or the criminal penalties attached to them against the [[Kalshi]]-listed contracts at issue. She found sports contracts likely qualify as swaps under the Commodity Exchange Act: "Swaps are swaps whether they are used to gamble." She pointed to the real financial stakes a game outcome has for broadcasters, arenas, concessions and sponsors. She did not decide everything for the industry. She put off ruling on Illinois's transaction fees (1.75% on the first $5 million a year in sports-related wagers and 3.5% above that) and other per-wager charges, and asked for more briefing. "Regulatory uniformity, however, does not necessarily entail uniformity in cost." And she required each contract to meet the federal definition of a swap on its own terms; registering on a CFTC exchange was not enough. Her ruling conflicts with Judge [[William Griesbach]]'s denial of the CFTC's motion in Wisconsin, which puts the Seventh Circuit's district courts on both sides. See [[CFTC v. Arizona]]. ## See also - [[CFTC v. Arizona]] · [[William Griesbach]] · [[Kwame Raoul]] · [[KalshiEX v. Flaherty]]