USCA4 Appeal: 25-1892
Doc: 16
Filed: 10/15/2025
Pg: 1 of 97
No. 25-1892
IN THE United States Court of Appeals for the Fourth Circuit
K ALSHI EX LLC,
Plaintiff-Appellant ,
v. J OHN A. M ARTIN , et al. ,
Defendants-Appellees .
On Appeal from the United States District Court for the District of Maryland No. 1:25-cv-01283 (Abelson, J.)
OPENING BRIEF FOR APPELLANT KALSHI
D AVIS C AMPBELL M ILBANK LLP 55 Hudson Yards New York, NY 10001 (212) 530-5222 dcampbell@milbank.com
N EAL K UMAR K ATYAL J OSHUA B. S TERLING W ILLIAM E. H AVEMANN S AMANTHA K. I LAGAN M ILBANK LLP 1101 New York Ave, N.W. Washington, DC 20005 (202) 835-7505 nkatyal@milbank.com
Counsel for Plaintiff-Appellant
October 15, 2025
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