Case: 25-7831, 03/10/2026, DktEntry: 81.1, Page 2 of 43
TABLE OF CONTENTS
Page TABLE OF AUTHORITIES......................................................................ii STATEMENT OF AMICI INTEREST......................................................1 INTRODUCTION ...................................................................................... 1 BACKGROUND ........................................................................................4 SUMMARY OF ARGUMENT .................................................................10 ARGUMENT ........................................................................................... 13 I. The CFTC’s reading of federal statutes deserves no special weight......................................................................................... 15 II. Under the major-questions doctrine, the Court should reject “the CFTC’s new claim of expansive authority.........................19 III. The federalism canon forecloses the expansive authority the CFTC now asserts...................................................................... 25 IV. The CFTC lacks the States’ experience in regulating gambling. ................................................................................... 28 CONCLUSION ........................................................................................ 32 ADDITIONAL COUNSEL ......................................................................33 CERTIFICATE OF COMPLIANCE FOR BRIEFS ................................35 CERTIFICATE OF SERVICE.................................................................37
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