Case: 25-7187, 02/17/2026, DktEntry: 37.2, Page 11 of 41
INTEREST OF AMICUS CURIAE The Commodity Futures Trading Commission (“CFTC” or “Commission”) is the federal agency charged with administering and enforcing the Commodity Exchange Act (“CEA” or “Act”), 7 U.S.C. §§ 1-26. Congress created the CFTC in 1974 to establish a uniform national system for regulating futures trading after concluding that the existing patchwork of state-by-state regulation had critically impaired the development and functioning of national commodities markets. See H.R. Rep. No. 93-975, at 51 (1974); S. Rep. No. 93-1131, at 36 (1974), reprinted in 1974 U.S.C.C.A.N. 5843, 5885. “[T]ransactions subject to [the CEA] are entered into regularly in interstate and international commerce and are affected with a national public interest,” including in “liquid, fair, and financially secure trading facilities.” 7 U.S.C. § 5. Congress vested the CFTC with “exclusive jurisdiction” to protect that national interest by overseeing the regulation of futures, options, and swaps traded on federally regulated exchanges. 7 U.S.C. § 2(a)(1)(A). The CFTC’s jurisdiction “supersedes State as well as Federal agencies” because commodity derivatives markets require nationally uniform rules governing the listing, trading, clearing, settlement, surveillance, and enforcement of financial instruments traded in these markets to prevent the type of fragmented oversight at risk in this case. See S. Rep. No. 93-1131 (1974), reprinted in 1974 U.S.C.C.A.N. at 5848.
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