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COMMODITY FUTURES TRADING COM'N v. ZELENER

No. 03-4245.

373 F.3d 861 (2004)

COMMODITY FUTURES TRADING COMMISSION, Plaintiff-Appellant, v. Michael ZELENER, et al., Defendants-Appellees.

United States Court of Appeals, Seventh Circuit.

Decided June 30, 2004.

Attorney(s) appearing for the Case

Kirk T. Manhardt (argued), C. Maria Dill Godel, Commodity Futures Trading Commission, Office of the General Counsel, Washington, DC, for Plaintiff-Appellant.

Lloyd A. Kadish, Kadish & Associates, Scott E. Early (argued), Foley & Lardner, Chicago, IL, for Defendants-Appellees.

Before EASTERBROOK, KANNE, and ROVNER, Circuit Judges.

EASTERBROOK, Circuit Judge.

This appeal presents the question whether speculative transactions in foreign currency are "contracts of sale of a commodity for future delivery" regulated by the Commodity Futures Trading Commission. 7 U.S.C. § 2(a)(1)(A). Until recently almost all trading related to foreign currency was outside the CFTC's remit, even if an equivalent contract in wheat or oil would be covered. See Dunn v. CFTC, 519 U.S. 465<...

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