The Commodity Futures Trading Commission (CFTC) asserts in its complaint against Utah that event contracts offered on registered exchanges qualify as financial swaps under the Commodity Exchange Act

Futures, options, and perpetual swaps tied to digital-asset prices, letting traders hedge or lever positions and often dwarfing spot volumes.

Ongoing legal fight over which digital assets count as securities under investor-protection law and which are commodities, determining whether the SEC or CFTC oversees them.