related contracts, I also conclude that the interests favor injunction. “[T]he public interest [is] not served by the enforcement of an unconstitutional law.” N.J. Retail Merchants Ass’n v. Sidamon-Eristoff , 669 F.3d 374, 389 (3d Cir. 2012) (second alteration in original) (quoting Am. Civ. Liberties Union v. Ashcroft , 322 F.3d 240, 247 (3d Cir. 2003)). Defendants’ fear over copycats is also at least somewhat mitigated by the CEA’s application process and related requirements. See 7 U.S.C. § 7(a); 17 C.F.R. § 38.3(a). As far as any lost state revenue, such arguments are at least partially the product of the obvious tension between event contracts and sports wagering. Limited to Kalshi’s alleged continuing violations of New Jersey law, Kalshi — as noted in Hendrick — proceeds at its own peril. See 2025 WL 1073495, at *8. Aside from any action the CFTC may take, a finding of likelihood of success on the merits here does not prejudge a finding for defendants through dispositive motion practice or trial. See Bruni v. City of Pittsburgh , 824 F.3d 353, 361 n. 11 (3d Cir. 2016) (noting the “entirely different” standards governing motions for preliminary injunction and summary judgment). If defendants are proven correct, they may proceed with enforcement actions — thereby recouping at least some deprived revenues and vindicating any police power restrained by this decision in the process. To find that the interests disfavor Kalshi — especially after determining that it has met its burden on the merits — would mean leaving it subject to state enforcement or obligating it to shift its business practices, consequences that are not cleanly undone. The balancing of the factors here caution me to keep the toothpaste in the tube. Kalshi’s motion will therefore be granted. D. Bond Finally, Kalshi argues that defendants will not suffer any nonspeculative harm by not proceeding with enforcement efforts against it and thus no security is necessary. (Kalshi Mot. p. 25.) Alternatively, if I determine that security
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