Case: 25-7831, 03/10/2026, DktEntry: 81.1, Page 5 of 43
Statutes, Regulations, and Constitutional Provisions U.S. Const. art. VI, cl. 2 .......................................................................... 15 17 C.F.R. §40.11 .............................................................................. 6, 7, 29 76 Fed. Reg. 44776 (July 27, 2011) ........................................................... 7 77 Fed. Reg. 48208 (Aug. 13, 2012)..................................................... 7, 19 89 Fed. Reg. 48968 (June 10, 2024) ................................................ passim 7 U.S.C §1a .................................................................................... 6, 14, 22 7 U.S.C. §2 ....................................................................................... passim 7 U.S.C. §7a-2 ...................................................................................... 6, 29 Other Authorities 156 Cong. Rec. S5902 (daily ed. July 15, 2010) ........................................ 6 Am. Gaming Ass’n, State of the States 2025: The AGA Analysis of the Commercial Casino Industry (May 13, 2025) ...................................................................................................... 5 CFTC Letter No. 25-36, Advisories (Sept. 20, 2025) ................................ 9 Dustin Gouker, Kalshi Rolls Out Same-Game Parlays For Monday Night Football Games , Event Horizon (Sept. 30, 2025) ...................................................................................................... 8 Dustin Gouker, Ten Times Kalshi Said People Could Bet On Things , Event Horizon (April 3, 2025) ........................................... 8, 30 Kalshi Website, Sports .............................................................................. 8 Laya Neelaatkandan, Kalshi says Super Bowl trading volume surpassed $1 billion , CNBC (Feb. 10, 2026).......................... 21 Lev Akabas, Kalshi's Volume Has Been 90% Sports During Football Season , Sportico (Oct. 3, 2025)............................................... 8
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