Case: 25-7187, 03/10/2026, DktEntry: 75.1, Page 18 of 43
responsible gaming laws.” (citation modified)). Josh Sterling—a former CFTC employee and the lawyer representing KalshiEX, LLC (“Kalshi”) in this consolidated litigation—has unpersuasively dismissed such responsible gaming concerns, stating: “People are adults, and they’re allowed to spend their money however they want it, and if they lose their shirt, that’s on them.” Jessica Welman, Kalshi’s Lawyer Goes Hard at State-Regulated Gambling , SBCAmericas, (Jul. 11, 2025), https://sbcamericas.com/2025/07/11/kalshi-nclgs-sports-contract- debate/?amp. Further, if the CEA governs Crypto.com’s sports-betting contracts (and potentially other forms of gaming) on Indian lands, then Congress must have intended to repeal other key provisions of IGRA that expressly grant regulatory authority over such activity to tribes, states, the National Indian Gaming Commission, the Department of the Interior, and the Department of Justice. See 25 U.S.C. §§ 2701(5), 2710(d); 18 U.S.C. § 1166(d). Congress also must have intended to completely override the entire purpose and function of IGRA: recognizing tribal sovereignty over conducting and regulating gaming activity occurring on Indian lands. See 25 U.S.C. § 2701(5). No amount of judicial gymnastics can turn the insertion of the term “swap” in the CEA into such a radical transformation of IGRA.
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