USCA4 Appeal: 25-1892
Doc: 16
Filed: 10/15/2025
Pg: 95 of 97
the floor of such board of trade, exchange or similar institution, and performed or discharged according to the rules thereof , and (3) when such contracts of sale are placed with or through a regular member in good standing of a cotton exchange, grain exchange, board of trade, or similar institution, organized under the laws of the State of South Carolina, or any other State, shall be and they hereby are declared to be valid and enforceable in the Courts of this State, according to their terms.” Id. § 2. V ERMONT x As a form of “[g]ambling,” a bucket shop is unlawful where it is used for “the pretended buying or selling of … petroleum, cotton, grain, provisions, pork or other produce … without any intention of receiving and paying for the property so bought, or of delivering the property so sold .” Vt. Gen. L. § 7081 (1917). V IRGINIA x Outlawing “bucket - shopping,” which includes “[t]he making of, or offering to make, any contract respecting the purchase or sale … of any … commodities wherein both parties thereto intend, or such keeper intends, that such contract shall be, or may be, terminated, closed or settled according to, or upon the basis of, the public market quotations of prices made on any board of trade or exchange, upon which said … commodities are dealt in, and without a bona fide purchase or sale of the same .” Va. Code Ann. § § 4714-4715 (1924). W ASHINGTON x Outlawing bucket shops, which are “defined to be shed[s], tent[s], tenement[s], booth[s], building[s], float[s] or vessel[s], or any part thereof, wherein may be made contracts respecting the purchase or sale … of any commodities … wherein both parties, in tend that such contract shall or may be terminated, closed and settled” (1) “[u]pon the basis of the market prices quoted or made on any board of trade or exchange upon which such commodities … may be dealt in,” (2) “[w]hen the market prices for such commo dities … shall reach a certain figure in any such board of trade or exchange,” or (3) “[o]n the basis of the difference
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