USCA4 Appeal: 25-1892
Doc: 16
Filed: 10/15/2025
Pg: 41 of 97
meaning of ‘ exclusive ’” “necessarily denies jurisdiction” to other entities not named in that provision. Mississippi v. Louisiana , 506 U.S. 73, 77-78 (1992); see also Exclusive , American Heritage Dictionary (2d ed. 1980 ) (“ Not divided
or shared with others ”; “sole”; “ separate; incompatible”). Kalshi’s sports -
event contracts are “ swaps ” traded on a “contract market designated” by the
CFTC, which necessarily denies jurisdiction to other regulators.
The Supreme Court has recognized that the grant of “ exclusive
jurisdiction ” to a federal agency preempts state efforts to intrude on the same “regulatory turf.” Hughes v. Talen Energy Mktg., LLC , 578 U.S. 150, 163
(2016). This Court and others have likewise repeatedly recognized that
where a federal authority has “exclusive jurisdiction” over a field, state regulators lack concurrent jurisdiction. Appalachian Power Co. v. Pub. Serv. Comm’n of W . Va. , 812 F.2d 898, 904 (4th Cir. 1987); see PPL EnergyPlus, LLC v. Nazarian , 753 F.3d 467, 475 (4th Cir. 2014) (statutory grant of “ exclusive power to regulate ” preempted the field); Richardson v. Kruchko & Fries , 966 F.2d 153, 158 (4th Cir. 1992) (state-law claims preempted where they fell within federal agency’s “exclusive jurisdiction” ); Transcon. Gas Pipe Line Co., LLC v. Pa. Env ’ t Hearing Bd. , 108 F.4th 144,
151-152 (3d Cir. 2024) (an “ explicit statutory conferral of exclusive
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