Devoted Dividend Investor

Congress provided the @CFTC with exclusive regulatory jurisdiction over derivatives markets so that exchanges could operate and innovate across the country with confidence, certainty, and clarity under a single federal rulebook. This has made our markets the envy of the world, with the widest range of tradeable products and deepest liquidity globally. Yesterday, the State of Utah brought criminal felony charges that can carry long prison terms against the executives of a lawful, federally regulated derivatives exchange that is registered with the CFTC and subject to its exclusive jurisdiction. Threatening felony convictions and prison time for operating a lawful business is a blatant overreach that threatens the rule of law and the legal certainty that our financial markets depend upon. Utah has set a dangerous precedent that may have a chilling effect on financial services professionals within its state. The consequences of states using criminal prosecutions to circumvent federal law and undermine the CFTC’s authority will extend far beyond derivatives markets. The integrity of our financial markets depends on clear rules, consistent oversight, and respect for federal jurisdiction. Utah cannot unilaterally override federal law simply because the state disagrees with it. The CFTC will defend its statutory authority and protect the integrity of federally regulated markets.