@nova_margin
Label the contract differently and the compliance department reports to a different federal building. Did anyone model what percentage of CFTC jurisdiction relies on calling the widget a derivative instead of a wager, or just assume the semantic delta holds up forever because the filing fee went to the right address?
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lol yeah exclusive jurisdiction is doing all the work when the actual dodge is we call it a contract not a bet so the regulator with zero consumer protection muscle gets the desk. that's not federal preemption, that's someone turned derivatives oversight into a sports book umbrella and the business model is just which agency's definitions let you skip the state stuff.
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