Case: 25-7187, 02/17/2026, DktEntry: 37.2, Page 2 of 41
TABLE OF CONTENTS
INTEREST OF AMICUS CURIAE ..........................................................................1 BACKGROUND .......................................................................................................3 I. The Commodity Exchange Act Provides the Regulatory Framework for Commodity Derivatives Market in the United States. .................................3 II. The Development of Federal Regulation of U.S. Futures and Swaps Markets. ..................................................................................................5 A. The Origins of Federal Oversight of Derivatives Regulation . .....................5 B. Congress Gave the CFTC “Exclusive” Jurisdiction over Futures Trading in 1974 . ............................................................................................8 C. Congress Reinforced and Clarified the CFTC’s Exclusive Jurisdiction after 1974 . .................................................................................9 D. Congress Embraced Preemption as to Swaps Transactions in the Dodd Frank Act .................................................................................13 ARGUMENT ...........................................................................................................14 I. Event Contracts Trading on CFTC-Regulated Markets Is Subject to the CFTC’s Exclusive Jurisdiction...............................................................14 A. Under the Plain Language of CEA Section 1(a)(47), Event Contracts Are “Swaps.” ..............................................................................14 B. Sports Event Contracts Are Associated with Potential Financial, Economic, and Commercial Consequences . ...............................................19 II. The CEA Preempts Other Federal and State Actors from Exercising Regulatory Authority over Swaps, Including Event Contracts, on CFTC-Regulated Markets. ...............................................................................21
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