Case: 1:25-cv-15406 Document #: 43-1 Filed: 01/30/26 Page 6 of 17 PageID #:372
argument depends on embracing an interpretation of “swap” that has “no limiting principle.” KalshiEX, LLC v. Hendrick , No. 2:25-cv-575, 2025 WL 3286282, at *6 (D. Nev. Nov. 24, 2025), appeal filed , No. 25-7516 (9th Cir. Nov. 28, 2025). Coinbase’s definition of “an event or contingency associated with a potential financial, economic, or commercial consequence” is so broad that it necessarily includes betting on other casino and class III games. 7 U.S.C. § 1a(47)(A)(ii). The irony of this result is that the gaming conducted pursuant to tribal-state IGRA compacts or state law provides significantly more consumer protection than the unregulated sports betting offered by Coinbase, which allows users to engage in practically limitless betting. Further, if the CEA governs Coinbase’s sports-betting contracts (and potentially other forms of gaming) on Indian lands, then Congress must have intended to repeal other provisions of IGRA that expressly grant regulatory authority to tribes, states, the National Indian Gaming Commission (“NIGC”), the Department of the Interior, and the Department of Justice. See 25 U.S.C. §§ 2701(5), 2710(d); 18 U.S.C. § 1166(d). Congress also must have intended to completely override the entire purpose and function of IGRA, which is to recognize tribal sovereignty to conduct and regulate gaming activity that occurs on Indian lands. See 25 U.S.C. § 2701(5). No amount of judicial gymnastics can turn the insertion of the term “swap” in the CEA into such a radical transformation of IGRA. This Court should thus reject Coinbase’s boundless interpretation of a “swap” and give effect to both statutes by excluding sports-betting contracts from the CEA’s definition of “swap.” Such an interpretation is more faithful to the CEA’s statutory language and legislative intent. See 156 Cong. Rec. S5907 (daily ed. Jul. 15, 2010) (statement of Sen. Lincoln) (“It would be quite easy to construct an ‘event contract’ around sporting events such as the Super Bowl, the
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