USCA4 Appeal: 25-1892
Doc: 44
Filed: 12/22/2025
Pg: 4 of 39
TABLE OF CONTENTS CORPORATE DISCLOSURE STATEMENT ......................................................... i INTRODUCTION .....................................................................................................1 IDENTITY AND INTERESTS OF AMICI ..............................................................2 STATEMENT ............................................................................................................5 SUMMARY OF THE ARGUMENT ........................................................................7 ARGUMENT .............................................................................................................9 I. Congress Did Not Impliedly Repeal IGRA................................................9 A. The Indian Gaming Regulatory Act......................................................11 B. Kalshi’s preemption argument would impliedly repeal IGRA.............12 C. Kalshi’s theory does not meet the standard for implied repeals..............15 1. Kalshi’s sports-betting contracts are not “swaps.” ............................16 2. Congress did not manifest clear intent to repeal IGRA or to make the CFTC a gaming regulator....................................................................18 3. The Indian Canons of Construction implore this Court to resolve any ambiguity in favor of tribes. ................................................................21 II. The Major Questions Doctrine Forecloses Kalshi’s Theory....................22 III. Kalshi’s Preemption Argument Would Violate the Private Nondelegation Doctrine. ...................................................................................................27 CONCLUSION ........................................................................................................29
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