Case 2:25-cv-00575-APG-BNW Document 237 Filed 11/24/25 Page 3 of 29
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swaps and thus do not fall within the CFTC’s exclusive jurisdiction. Case No. 2:25-cv-00978- APG-BNW, 2025 WL 2916151, at *11 (D. Nev. Oct. 14, 2025). Within days of my Crypto ruling, the Board moved to dissolve the preliminary injunction in this case, asserting that I should reach the same conclusion as I did in Crypto . ECF No. 142. Kalshi opposes, arguing that the Board has not set forth an adequate basis to seek dissolution and, in any event, I erred in Crypto and so I should not dissolve the injunction. On November 14, 2025, I held a hearing in this case jointly with a related case, Robinhood Derivatives, LLC v. Dreitzer , Case No. 2:25-cv-1541-APG-DJA (the Robinhood case). ECF Nos. 219; 220. For the reasons set forth below, I grant the motion to dissolve the preliminary injunction. II. THE BOARD HAS PRESENTED NEW LAW AND FACTS TO SUPPORT CONSIDERING DISSOLUTION. Kalshi argues that I should not revisit my preliminary injunction ruling because the Board has not identified a significant change in the facts or the law. The Board responds that the District of Maryland’s ruling and my Crypto decision are new law. The Board also contends that the subject matter of numerous event contracts Kalshi has offered since I entered my injunction constitute new facts. A party seeking to modify or dissolve an injunction “bears the burden of establishing that a significant change in facts or law warrants revision or dissolution of the injunction.” Karnoski v. Trump , 926 F.3d 1180, 1198 (9th Cir. 2019) (quotation omitted). Here, the Board identified new law, both in the form of my Crypto order and the District of Maryland’s order in KalshiEX LLC v. Martin . The Board also identified new facts. Since my preliminary injunction order, Kalshi has issued a range of new contracts that potentially are contrary to what Kalshi told me at the preliminary injunction hearing likely would not count as swaps because they have no real-
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