TABLE OF CONTENTS TABLE OF AUTHORITIES .................................................................................. iii STATEMENT OF AMICI’S IDENTITY, INTEREST IN CASE, AND SOURCE OF AUTHORITY TO FILE.....................................................................................iv ARGUMENT ............................................................................................................1 I. The Commodity Exchange Act Does Not Preempt or Impliedly Repeal the Indian Gaming Regulatory Act..................... Error! Bookmark not defined. A. Kalshi’s sports event contracts constitute “Class III Gaming” under IGRA..........................................................................................................2 B. The CEA does not preempt IGRA.............................................................5 1. Kalshi’s sports event contracts are expressly prohibited and therefore beyond the scope of the CEA .................................................................9 2. Kalshi’s sports event contracts do not qualify as “swaps” or swaps based on “excluded commodities,” and are therefore not subject to the CFTC’s exclusive jurisdiction..............................................................13 3. The self-certification provisions of the CEA and the CFTC’s implementing regulations are invalid, and therefore Kalshi’s sports event contracts offered pursuant thereto are invalid ............................16 C. The CEA does not impliedly repeal IGRA..............................................19 II. Ignoring the Applicability of the Indian Gaming Regulatory Act Raises Serious Policy Concerns and Violates the Federal Indian Policy ................23 CONCLUSION .......................................................................................................27
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