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Words no longer have meaning if an Exchange that is not established by a State is "established by the State".

Antonin Scalia
States, Dissent, Ifs
Antonin Scalia (2016). “Scalia's Court: A Legacy of Landmark Opinions and Dissents”, p.233, Regnery Publishing
Words no longer have meaning if an Exchange that is not established by a State is established by the State.