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A better explanation might be the enactment of the Commodity Futures Modernization Act of 2000 (CFMA) which prevented regulators from treating derivatives as fu
by rufus_foreman 4y ago
A better explanation might be the enactment of the Commodity Futures Modernization Act of 2000 (CFMA) which prevented regulators from treating derivatives as futures under the Commodity Exchange Act or as securities under existing securities laws.
Even with that act, there is an argument that it merely codified the existing situation and the crash would have happened without the law being passed.