Case: 2:25-cv-01165-SDM-CMV Doc #: 34-1 Filed: 11/14/25 Page: 11 of 22 PAGEID #: 529
delegations are to private entities. See, e.g. , Carter v. Carter Coal Co. , 298 U.S. 238, 311 (1936); FCC v. Consumers’ Research , 145 S. Ct. 2482 (2025) (finding that the permissibility of a private delegation depends upon whether the federal agency retains oversight and ultimate decision-making authority over the private entity’s actions). Here, according to Kalshi, the self-certification provisions empower Kalshi—a private, for-profit entity—to define, structure, and launch its own event contracts, and simultaneously fail to provide any mechanism for advance public comment, mandatory agency oversight, or standards by which the CFTC may implement its discretion whether to stay a self-certification. See Farewell Address of Commissioner Kristin N. Johnson, CFTC (Sept. 3, 2025), available at https://www.cftc.gov/PressRoom/SpeechesTestimony/opajohnson25?utm_source=substack&utm _medium=email (warning that CFTC “[has] too few guardrails and too little visibility into the prediction market landscape”). B. The CEA does not impliedly repeal IGRA By asserting that the CFTC has exclusive jurisdiction over sports betting (including that which occurs on Indian lands), Kalshi effectively contends that the CEA impliedly repealed IGRA. Kalshi recently attempted to make this argument before the Maryland District Court, stating that even if “IGRA’s definition of ‘gaming’” encompassed sports event contracts, “the CEA’s exclusive jurisdiction provision would displace any attempt by tribes to regulate those contracts.” Pl. Reply Supp. Prelim. Inj. at 8, Martin , No. 1:25-cv-01283, ECF No. 29. Ultimately, the court disagreed with Kalshi and denied its motion for preliminary injunction. Martin , 2025 WL 2194908, at *13. Kalshi may also assert, as it has in its Fourth Circuit appeal of that decision, that the CFTC’s alleged exclusive jurisdiction over its sports event contracts does not impliedly repeal IGRA because “IGRA gives Native American tribes the authority to
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