Case: 25-7516, 01/23/2026, DktEntry: 33.1, Page 100 of 110
(C) the application of any Federal or State statute, including any rule or regulation thereunder, to any person required to be registered or designated under this chapter who shall fail or refuse to obtain such registration or designation. (2) This chapter shall supersede and preempt the application of any State or local law that prohibits or regulates gaming or the operation of bucket shops (other than antifraud provisions of general applicability) in the case of— (A) an electronic trading facility excluded under section 2(e) of this title; and (B) an agreement, contract, or transaction that is excluded from this chapter under section 2(c) or 2(f ) of this title or sections 27 to 27f of this title, or exempted under section 6(c) of this title (regardless of whether any such agreement, contract, or transaction is otherwise subject to this chapter). * * * * * (h) Regulation of swaps as insurance under State law A swap— (1) shall not be considered to be insurance; and (2) may not be regulated as an insurance contract under the law of any State.
7.
15 U.S.C. § 3001 provides, in relevant part:
Congressional findings and policy (a) The Congress finds that—
(1) the States should have the primary responsibility for determining what forms of gambling may legally take place within their borders;
10a
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