USCA4 Appeal: 25-1892
Doc: 16
Filed: 10/15/2025
Pg: 82 of 97
ADDENDUM A State Gambling Laws Regulating Futures Before the Commodity Exchange Act’s Enactment in 1936 : A RKANSAS x “[T]he buying or selling or otherwise [dealing] in what is known as futures, either in cotton, grain or anything whatsoever, with a view to profit, is hereby declared to be gambling .” Act of March 30, 1883, 1883 Ark. Acts 29. C OLORADO x “All contracts, agreements, trades or transactions of the nature described in Section 1 of this Act [on bucket shops],” including those “respecting the purchase or sale” of “commodities, not intending the actual bona fide receipt or delivery of any such … commodities, but intending a settlement of such contract or other transaction based upon the difference in such public market quotations of or such prices at which said … commodities are, or are asserted to be, bought or sold,” “are hereby declared gambling and criminal Acts and absolutely null and void.” Colo. L., ch. 57, §§ 1(c), 5 (1931). I LLINOIS x “Whoever contracts to have or give to himself or another the option to sell or buy, at a future time, any grain, or other commodity … shall be fined not less than $10 nor more than $1,000, or confined in the county jail not exceeding one year, or both; and all contracts made in violation of this section shall be considered gambling contracts , and shall be void.” Ill. Rev. Stat. Crim. Code § 130 (1874). K ANSAS x “All pretended purchases and sales or contracts and agreements for the pretended purchase and sale of the commodities aforesaid, in manner aforesaid, wherein there is, in fact, no actual purchase and sale or sale and purchase of such commodities for or on account of the party or parties thereto, are hereby declared gambling and criminal acts.” Kan. Rev. Stat. Ann., ch. 50, § 123 (1923) (citing Kan. L., ch. 121 § 2 (1909)).
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