# Max Brauer

**Role:** Attorney representing Maryland in Fourth Circuit preemption case against Kalshi

**Key Argument:** Sports event contracts don't fit the statutory 'swaps' definition and remain subject to state regulation under traditional police powers.

## Timeline

- **2026-05-07/08** — Argued Maryland's position before Fourth Circuit three-judge panel in KalshiEX LLC v. Martin (No. 25-1892). Panel appeared receptive to argument that sports contracts fall outside CEA preemption scope.