Case: 25-7504, 01/16/2026, DktEntry: 38.1, Page 20 of 47
Nevertheless, Kalshi currently makes a range of sports wagers available on the Plaintiff Tribes’ lands through its digital exchange. These offer- ings—which Kalshi introduced in late January 2025, and which it has since expanded significantly—include traditional money-line wagers ( i.e. bets on which team will win a game); point-spread wagers ( i.e. , bets on whether a favored team will win by more or less than oddsmakers pre- dict); and proposition bets ( i.e. , bets on the performance of individual athletes within a game). 3-ER-308-361. Kalshi claims that it has authority to make these offerings under the Commodity Exchange Act (CEA), 7 U.S.C. § 1 et seq. First enacted in 1936, the CEA governs the trading of derivatives like futures and op- tions on regulated exchanges. See Pub. L. No. 74-675, 49 Stat. 1491. As relevant here, Dodd-Frank amended the CEA in 2010 to cover “swaps”— i.e. , agreements between two parties to exchange (or swap) financial ob- ligations. Pub. L. No. 111-203, tit. VII, pt. II, 124 Stat. at 1658-1754; see Thrifty Oil Co. v. Bank of Am. NT&SA , 322 F.3d 1039, 1042 (9th Cir. 2002) (explaining swaps). Congress’s aim in adding swaps to the CEA was to regulate the opaque derivatives markets that contributed to the 2008 financial crisis. See Pub. L. No. 111-203, pmbl., 124 Stat. at 1376;
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