Case: 25-7516, 01/23/2026, DktEntry: 33.1, Page 69 of 110
preempt the field of gaming. Martin , 793 F. Supp. 3d at 684 n.5; Mass. PI
Order 10-11.
Commodity-futures regulation and gaming regulation are different
fields with different regulatory needs and policy goals. See 89 Fed. Reg . at
48982-83. Commodity-futures markets serve an important function in our
Nation’s economy—they allow commercial sellers and buyers of commodi-
ties to manage financial risk by trading with investors. See 7 U.S.C. § 5(a).
Although some people previously characterized commodity-futures trading
as speculation akin to gambling (and indeed, some States attempted to reg-
ulate it under state gaming laws), this trading is permitted so that commod-
ity-futures markets may efficiently function. See Merrill Lynch , 456 U.S. at
358-59. The CFTC regulates trading to curb excess speculation and ensure
that prices reflect economic reality. See 7 U.S.C. § 6(a).
In contrast, sports betting is a form of entertainment. The millions of
people who gamble on sports do not seek to hedge existing financial risks;
they create the risk by betting. See p. 29, supra. Gaming is regulated as a
form of entertainment to ensure that it is fair and free of criminal elements,
and to protect the public (especially young people and problem gamers).
Greater New Orleans Broad. Ass’n , 527 U.S. at 185. The CEA simply does
not contemplate that type of regulation.
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