2026 Membership Book FINAL

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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