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Expert Analysis

How 2nd Circ. Decision Extends CFTC's Extraterritorial Reach

By Chad Silverman, Daniel Merzel and Isabelle Lelogeais ( November 25, 2025, 5:27 PM EST) -- On Sept. 3, the U.S. Court of Appeals for the Second Circuit concluded in U.S. v. Phillips that the swap-regulating provisions of the Commodity Exchange Act extend to entirely foreign conduct if a victim of the conduct is based in the U.S.[1]...

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