Case 2:25-cv-00575-APG-BNW Document 237 Filed 11/24/25 Page 4 of 29
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world economic consequence, such as prop bets on things like whether a team will score a touchdown in a certain part of a game or the point total over/under on a game. See ECF Nos. 46 at 7-8; 143-2 at 5-6. Further, under Federal Rule of Civil Procedure 54(b), I can modify an interlocutory order “at any time” before entry of a final judgment. Credit Suisse First Bos. Corp. v. Grunwald , 400 F.3d 1119, 1124 (9th Cir. 2005) (quotation omitted). This is a novel and evolving area of the law, and the nuances of the parties’ positions have changed as new arguments, facts, and law develop. My preliminary injunction order was issued very early in this litigation on an accelerated schedule. The law and facts have evolved in this court and others. The circumstances may change yet again when the Third and Fourth Circuits rule on the appeals pending in those courts, or when the Ninth Circuit rules on the inevitable appeal of my rulings in Crypto , this case, and Robinhood . Additionally, it would be unfair for me to not consider dissolving the injunction given that I denied an injunction under similar circumstances for one of Kalshi’s competitors in Crypto . So, I reject Kalshi’s procedural arguments, and I will consider the motion to dissolve the preliminary injunction on the merits. III. I GRANT THE BOARD’S MOTION TO DISSOLVE THE PRELIMINARY INJUNCTION. The Board argues I should dissolve the injunction because Kalshi’s sports-related event contracts do not fall within the statutory provision Kalshi relies on to invoke the CFTC’s exclusive jurisdiction. The Board also argues that the CFTC’s jurisdiction is not exclusive in any event. Further, the parties dispute whether the balance of hardships and the public interest weigh for or against an injunction. The inquiry into whether to dissolve an injunction is “guided by the same criteria that govern the issuance of a preliminary injunction.” Karnoski , 926 F.3d at 1198. To qualify for a
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