Project 2025 Tracker / What’s done, what’s next

27. Financial Regulatory Agencies · Minor · Needs Congress

Amend the Commodity Exchange Act to clarify foreign swap platform registration

Not started

833 27. Financial Regulatory Agencies

“Clarify through an express amendment to the Commodity Exchange Act (CEA) the circumstances that require a foreign swap trading platform to register with the Commodity Futures Trading Commission (CFTC) as a swap execution facility (SEF) under Sections 2(i) and 5h of the CEA.”

What has happened

  1. Not started

    Sections 2(i) and 5h of the Commodity Exchange Act are unamended and no bill would amend them. No bill of the 119th Congress addresses when a foreign swap trading platform must register as a swap execution facility; the CFTC bills of the window are about research and development, the Office of the Chief Economist, international operational improvements, advisory committees, whistleblowers and data protection, and none reaches SEF registration. The Commission has not acted administratively either: a Federal Register full-text search for "section 5h" returns seven documents and for "foreign board of trade" four, none of them about the registration of foreign platforms, and the Commission's whole 2026 Unified Agenda has no such entry.

    No action found yet. This entry is the starting point, not a finding.

Research log

What was searched, and what didn’t count as evidence

Research notes

  • Queries. Federal Register full text since 2025-01-20, quoted phrases: "section 5h" (all agencies, 7 documents — the SEF order book proposal, the prediction markets proposals, the business conduct rules, an information collection and the affiliations proposal), "exempt swap execution facility" (0), "swap execution facility" restricted to CFTC rules and proposed rules (11 documents, read by title), "foreign board of trade" restricted to the CFTC (4, none on point). bills.ndjson was grepped for CFTC, Commodity Futures, futures, derivative and swap.
  • The agenda. The CFTC’s whole 2026 Unified Agenda — https://www.reginfo.gov/public/do/eAgendaMain?operation=OPERATION_GET_AGENCY_RULE_LIST&currentPub=true&agencyCode=&showStage=active&agencyCd=3038 (18 active RINs, loaded 2026-09-01) — has no entry on SEF registration. Its one cross-border entry, RIN 3038-AF57, is about swap dealer registration; see #2162.
  • Adjacent, not the ask. The one SEF rulemaking of the window proposes to remove the requirement that SEFs offer an order book for permitted transactions (https://www.federalregister.gov/documents/2026/08/26/2026-17416/swap-execution-facility-order-book-requirement-for-permitted-transactions, 2026-08-26). It is about what a registered SEF must offer, not about who must register. It is Evidence on #2161, not here.
  • cftc.gov is fully readable and its press-release index was swept for the window (554 releases). Nothing announces a legislative proposal or an interpretation on foreign platform registration.
Action
other
Object
Commodity Exchange Act Sections 2(i) and 5h (swap execution facility registration)
ID
2156