Case 1:25-cv-02152-ESK-MJS Document 15 Filed 04/18/25 Page 17 of 51 PageID: 138
7 In its current form, the CEA grants the CFTC “exclusive jurisdiction … with respect to accounts, agreements …, and transactions involving swaps or contracts of sale of a commodity for future delivery” that are “traded or executed on a contract market designated” by the CFTC. 7 U.S.C. § 2(a)(1)(A). The CEA defines “swaps” to include “any agreement, contract, or transaction … that pro- vides for any purchase, sale, payment, or delivery … that is dependent on the occurrence, nonoccurrence, or the extent of the occurrence of an event or con- tingency associated with a potential financial, economic, or commercial conse- quence.” Id. § 1a(47)(A)(ii). That exclusive-jurisdiction provision includes two savings clauses. The regulatory savings clause provides: “Except as [provided in the exclusive-jurisdiction provision], nothing contained in this section shall (I) supersede or limit the jurisdiction at any time conferred … under the laws of … any State, or (II) restrict … such other authorities from carrying out their duties and responsibilities in accordance with such laws.” Id. § 2(a)(1)(A). And the ju- risdictional savings clause provides: “Nothing in this section shall supersede or limit the jurisdiction conferred on courts of the United States or any State.” Id. In order to offer a derivative contract for public trading, an entity must receive the CFTC’s designation as a contract market. Id. §§ 2(e), 7(a). Once an entity is designated by the CFTC as a contract market, it may list new contracts on its exchanges without pre-approval by the CFTC by providing the CFTC “a written certification that the new contract” complies with the CEA. Id. § 7a- 2(c)(1). The contract then becomes “effective” unless the CFTC notifies the con- tract market within ten business days that it is staying the certification in order
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