Case: 25-7187, 02/17/2026, DktEntry: 37.2, Page 18 of 41
Discussion of Possible Change: Hearings Before the H. Comm. on Agric ., 93d Cong., 1st Sess. 121 (1973). And the very next year, Congress explicitly spoke on the question in the Commodity Futures Trading Commission Act of 1974, Pub. L. 93-463, 88 Stat. 1389 (1974) (“74 Act”). B. Congress Gave the CFTC “Exclusive” Jurisdiction over Futures Trading in 1974. The 74 Act amendments to the CEA worked a sea change in the regulation of U.S. derivatives markets in three critical ways. First, Congress established the CFTC, vesting in it the authority to administer the CEA. Second, Congress expanded the scope of the CEA to cover “all commodities.” Third, Congress expressly gave the CFTC “exclusive jurisdiction” over U.S. commodity futures and options markets. The 74 Act amended Section 2 of the CEA to provide that “the Commission shall have exclusive jurisdiction with respect to accounts, agreements (including any transaction which is of the character of, or is commonly known to the trade as, an ‘option’ . . ., and transactions involving contracts of sale of a commodity for future delivery, traded or executed on a contract market designated pursuant to section 5 of this Act or any other board of trade, exchange, or market.” 74 Act, Section 201(b), 88 Stat. at 1395 (codified at 7 U.S.C. § 2(a)(1)). Preemption was an express goal of the 74 Act. Congress recognized the need for uniform nationwide regulation of futures and options markets because
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