2026 Membership Book FINAL

Case: 3:25-cv-00698 Document #: 1 Filed: 08/20/25 Page 26 of 47

U.S.” The same advertisement has been posted to other Kalshi social media accounts including TikTok. 98. On July 19, 2025, Kalshi sponsored a TikTok video wherein a man explains to viewers, in responses to a question about the legality of Kalshi’s platform, that Kalshi is “totally [legal] . . . in all 50 states, even California.” ( See Exhibit C ). 99. Kalshi’s App Store listing has promoted that “You can bet on that” and that the smartphone app and/or Kalshi’s platform is “Legal in all 50 states”:

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QB\168080.00083\98102991.1

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