USCA4 Appeal: 25-1892
Doc: 16
Filed: 10/15/2025
Pg: 25 of 97
required to be registered ” who fails to do so. 7 U.S.C. § 16(e)(1) (emphasis
added). Congress thus reaffirmed its intent for “a single unified program of
regulation and exclusive CFTC jurisdiction over exchange- traded futures”
while permitting states to police “transactions outside those preserved
exclusively for the jurisdiction of the CFTC.” H.R. Rep. No. 97 -565, pt. 1, at
44-45.
D. Congress Broadens The CEA To Encompass Event Contracts. The CEA originally covered agricultural products. In 1974, Congress
broadened the definition of “commodity” to reach “all [] goods and articles
… and all services, rights, and interests ... in which contracts for future
delivery are presently or in the future dealt in.” 7 U.S.C. § 1a(9). That broad
definition ensured that the C FTC’s exclusive jurisdiction would cover “all
futures trading that might now exist or might develop in the future.” H.R.
Rep. No. 93-975, at 76 (1974). Since 1974, Congress has periodically revisited
the instruments the CEA regulates. Three changes are relevant here. First , in 2000, Congress amended the CEA to “ exclude[] swap transactions from CFTC oversight under the CEA .” Inv. Co. Inst. v. CFTC ,
891 F. Supp. 2d 162, 196 (D.D.C. 2012). An earlier 1992 CEA amendment
had authorized the CFTC to exempt from CFTC oversight swaps transacted by certain sophisticated parties. See 106 Stat. 3590, 3629-32. Congress in
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