Case: 25-7187, 02/17/2026, DktEntry: 37.2, Page 3 of 41
A. The CEA Was Intended to, and Does, Occupy the Field of Regulating Commodity Derivatives Exchanges. ...........................................................21 B. The “Savings Clause” in CEA § 2(a)(1)(A) Does Not Nullify Its Field Preemptive Effect; It Preserves Traditional State Powers over State-Regulated Gambling. .................................................................24 C. State Gambling Laws Are Conflict Preempted. .......................................... 26 III. Subjecting Derivatives Listed on a CFTC-Registered DCM to State Regulation Would Have Destabilizing Economic Effects. .....................28 CONCLUSION ........................................................................................................29
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