Futures Trading Act of 1921

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Futures Trading Act of 1921

Legislation in the United States that imposed a 20 cent per bushel tax on all grain futures that were not registered and regulated by the U.S. Department of Agriculture. The Act was intended to impose regulation on futures contracts and exchanges. It was declared unconstitutional in 1921.
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The accord, subsequently enacted into law as part of the Futures Trading Act of 1982, gave the CFTC exclusive jurisdiction over futures and futures options contracts, and recognized the SEC as the sole regulator of securities and currency options traded on national securities exchanges.
44, 45 (1922) (holding the Futures Trading Act unconstitutional as an improper exercise of the congressional taxing power because sales for future delivery on the Board of Trade were not interstate commerce).
The many changes taking place in that area, such as the recent passage of the Foreign Futures Trading Act in Taiwan, are creating many new opportunities for our exchange, its members and their customers," said Patrick J.