Case: 25-7831, 03/10/2026, DktEntry: 81.1, Page 11 of 43
“free to act” as they choose on the subject. Id. at 486. Since then, the States have made different choices. Today, some States continue to bar sports betting, while other States allow sports betting but heavily regu- late the activity. See Am. Gaming Ass’n, State of the States 2025: The AGA Analysis of the Commercial Casino Industry , at 12–13 (May 13, 2025), perma.cc/J27S-WLSB. For about a century, the States’ regulation of gambling has co-existed with federal regulation of derivatives markets. The federal government began regulating futures markets in 1921. Merrill Lynch, Pierce, Fenner & Smith, Inc. v. Curran , 456 U.S. 353, 360 (1982). Then, in 1936, Con- gress expanded federal regulation through the Commodity Exchange Act. Id. at 362. And, in 1974, Congress created the CFTC and gave it “exclu- sive jurisdiction” over certain enumerated derivatives. Pub. L. 93-463, §201(b), 88 Stat. 1389 (1974) (amending 7 U.S.C. §2(a)). In response to the 2008 financial crisis, Congress increased federal oversight of derivatives markets. Specifically, in 2010, Congress ex- panded the CFTC’s “exclusive jurisdiction” to cover “swaps”—a form of derivative that contributed to the crisis. See 7 U.S.C. §2(a)(1)(A); State- Amicus Br.9–10. As part of this financial reform, Congress offered a
5
Made with FlippingBook - Online catalogs