USCA4 Appeal: 25-1892
Doc: 44
Filed: 12/22/2025
Pg: 34 of 39
for the Supreme Court to notice when deciding whether sports betting would be legal. Ignoring history, context, and common sense, Kalshi presents an alternate reality in which a statutory scheme whose scope is limited to addressing the risk, discovery, and dissemination of commodity pricing information, see 7 U.S.C. § 5(a)–(b), exclusively governs nationwide sports betting, including that occurring on Indian lands. Kalshi, therefore, creates a world where Congress repealed the comprehensive regulatory scheme set forth in IGRA, similar structures set up by state legislatures and regulators, and the federal policy codified in PASPA requiring states to prohibit sports betting, all without even a whisper of legislative intent. Kalshi’s revisionist history cannot withstand even the slightest scrutiny. As the Nevada District Court aptly stated, “[i]t is absurd to think that Congress intended for DCMs to turn into nationwide gambling venues on every topic under the sun to the exclusion of state regulation and with no comparable federal regulator without ever mentioning that was the goal when Congress added swaps to the CEA in 2010.” Hendrick , 2025 WL 3286282, at *9.
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