They're regulated by the CFTC which also does not use the Securities Act The CFTC literally just got a fraud statute in 2010 They mostly follow their earlier

They're regulated by the CFTC which also does not use the Securities Act The CFTC literally just got a fraud statute in 2010 They mostly follow their earlier mandate and the new mandate doesn’t alter it too much Trying to apply it to spot assets just because a derivative market is affected requires a huge stretch and risk of getting the agency embarrassed and curb stomped in the courts