Case 3:25-cv-06162-JSC Document 35 Filed 09/04/25 Page 12 of 34
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related to their gaming contracts such as advertisements that indicate that these contracts are “legal
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in all 50 states.” 5
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Below, the Tribes will demonstrate that the Tribes satisfy each of the factors necessary to
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entitle them to preliminary injunctive relief consistent with the statutory relief prescribed by IGRA
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and the Lanham Act because: (1) Kalshi’s gaming contracts are presumptively contrary to the
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public interest and, because Kalshi failed to rebut such presumption through the self-certification
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process, Kalshi’s contracts are unlawful; (2) as the primary regulator of its DCM, Kalshi is placing
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unlawful class III gaming contracts in the stream of commerce that reach consumers on Indian
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lands; (3) IGRA comprehensively regulates the field of class III gaming on Indian lands and
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establishes a tribal right to enjoin unlawful class III gaming activity on such Indian lands; and (4)
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Kalshi’s marketing strategy deploys false and misleading advertisements to promote its “sports
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betting.”
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II.
LEGAL BACKGROUND
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The CFTC is an independent federal agency that regulates financial derivative markets in
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accordance with the CEA. 7 U.S.C. § 1 et seq .; 17 C.F.R. § 1 et seq. ; see generally KalshiEX LLC
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v. Commodity Futures Trading Comm’n , No. CV 23-3257 (JMC), 2024 WL 4164694, at *2–3
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(D.D.C. Sept. 12, 2024), dismissed, No. 24-5205, 2025 WL 1349979 (D.C. Cir. May 7, 2025)
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(reviewing the evolution of the CEA and the implementing CFTC regulations). The CFTC is
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responsible for administering and enforcing the CEA, and the statute vests the CFTC with
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jurisdiction to regulate various types of commodities, futures, and swaps on regulated exchanges,
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as well as the authority to promulgate implementing regulations. See generally 7 U.S.C. § 2
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(establishing CFTC jurisdiction to regulate agreements and transactions involving swaps or
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3 NOTICE OF MOTION AND MEMORANDUM OF POINTS AND AUTHORITIES [ Case No.: 25-cv-06162-JSC] 5 Dustin Gouker, Ten Times Kalshi Said People Could Bet On Things , Event Horizon (Apr. 3, 2025), https://nexteventhorizon.substack.com/p/ten-times-kalshi-said-people-could.
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