Unchained · Wednesday, September 2, 2026
A CFTC spokesman, Zach Fulton, stated that a derivative contract structured as a swap is a swap regardless of its underlying subject matter, and that the Ninth Circuit erred in its ruling. The CFTC maintains that it has federal preemption over these markets and that derivatives on commodities are clearly regulated under the Commodities Exchange Act.
“Uh, but Zach Fulton, a CFTC spokesman on the split said a derivative contract structured as a swap is a swap regardless of the underlying subject matter, the Ninth Circuit aired.”
“They believe that they have federal preemption.”
“These are, derivatives on commodities are fairly regulated, that's within the CFTC's jurisdiction.”