Case: 25-7831, 03/10/2026, DktEntry: 81.1, Page 27 of 43
As the States’ earlier briefing explained, this case implicates the ma- jor-questions doctrine. State-Amicus Br.21–25. Sports betting is a polit- ically and historically significant topic. The practice has been illegal for much of this country’s history, and it remains illegal in many States. Am. Gaming Ass’n, State of the States 2025 , at 12–13. Sports betting is also economically significant. The pastime has rapidly ballooned into a multi-billion-dollar industry, involving millions of Americans. State- Amicus Br.22–23; see also King , 576 U.S. at 486. As just one illustration of this, Kalshi recently reported over a billion dollars in trading on Super Bowl Sunday alone. Laya Neelaatkandan, Kalshi says Super Bowl trad- ing volume surpassed $1 billion , CNBC (Feb. 10, 2026), https://perma.cc/PS9A-2K76. Sports gambling is thus clearly a matter of “economic and political significance.” See Learning Res., Inc. , 2026 WL 477534, at *9 (Roberts, C.J., op.) (quoting West Virginia , 597 U.S., at 721). The CFTC’s new position further cements the major-questions doc- trine’s application. The CFTC has had jurisdiction over swaps for more than fifteen years. And it has had jurisdiction over other derivatives for half a century. But before the last few weeks, the CFTC had never
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