This is the correct interpretation and the crux of the matter in Valve’s view. Why should they be forced to allow other retailers to sell Steam keys at whatever price they want, effectively taking money out of Valve’s pockets, when it’s Steam providing all of the actual services for said key to function?

This should not be confused with gray market key resellers, by the way (e.g. G2A, Kinguin, etc) . Those aren’t the same as retailers like Fanatical or GreenManGaming.

There was another case in 2021 that originated this complaint and some of these plaintiffs in the 2024 case actually broke off from that one to start this one. We’ll see what evidence they actually end up bringing to court to argue their case and how legitimate it is. All I know, is this will likely end up with Valve stopping third-parties from selling steam keys entirely.