Case 1:25-cv-14723 Document 1 Filed 08/19/25 Page 17 of 28 PageID: 17
contracts and swaps contracts,” which confirms that the CFTC has authority over “the listing of agreements, contracts, transactions, or swaps in excluded commodities that are based upon the occurrence, extent of an occurrence, or contingency (other than [certain exemptions]), by a designated contract market or swap execution facility.” Id. § 7a-2(c)(5)(C)(i). The “special rule,” added by the Dodd-Frank Act of 2010, Pub. L. No. 111-203, § 745(b), 124 Stat.at 1735- 36, makes clear that the CEA’s grant of exclusive jurisdiction to the CFTC extends to event contracts. 47. To the extent the text of the statute leaves any doubt about preemption, the legislative history of the 1974 amendment to the CEA that established the CFTC confirms that this grant of exclusive jurisdiction was intended to preempt state law. As the Conference Committee explained, “[u]nder the exclusive grant of jurisdiction to the Commission, the authority in the Commodity Exchange Act (and the regulations issued by the Commission) would preempt the field insofar as futures regulation is concerned. Therefore, if any substantive State law regulating futures trading was contrary to or inconsistent with Federal law, the Federal law would govern. In view of the broad grant of authority to the Commission to regulate the futures trading industry, the Conferees do not contemplate that there will be a need for any supplementary regulation by the States.” H.R. Rep. No. 93-1383, at 35-36 (1974) (Conf. Rep.), reprinted in 1974 U.S.C.C.A.N. 5894, 5897; see also Hofmayer v. Dean Witter & Co. , 459 F. Supp. 733, 737 (N.D. Cal. 1978). As the D.C. Circuit has recognized, “the statute’s legislative history repeatedly emphasizes that the CFTC’s jurisdiction was ‘to be exclusive with regard to the trading of futures on organized contract markets .’” Fed. Trade Comm’n v. Ken Roberts Co. , 276 F.3d 583, 590-91 (D.C. Cir. 2001) (quoting S. Rep. No. 93-1131, at 23 (1974), reprinted in 1974 U.S.C.C.A.N. 5843, 5863) (emphasis in original). “The passage of 7 U.S.C. § 2 is intended
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