Case: 25-7187, 02/17/2026, DktEntry: 37.2, Page 39 of 41
contracts from the definition of swap would therefore risk destabilizing the settled expectations upon which these markets depend, fostering uncertainty in an area where Congress sought uniformity and regulatory clarity. It could introduce the “chaos” Congress sought to prevent by providing the CFTC with exclusive jurisdiction over futures trading in 1974. Because even modest ambiguity in the scope of the CEA can move rapidly through interconnected financial markets, the CFTC respectfully requests that the Court not adopt a construction that could generate systemic consequences for CEA preemption far removed from the case at hand. CONCLUSION For the foregoing reasons, the CFTC respectfully submits that this Court should reverse and remand the judgment of the district court. Dated: February 17, 2026 Respectfully Submitted, /s/ Anne Stukes . D.C. Bar 469446 Tyler S. Badgley, General Counsel
Anne Stukes, Acting Deputy General Counsel Carlin Metzger, Assistant General Counsel Commodity Futures Trading Commission
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