What’s actually slowing this PC down?
Pick the symptom - the matching free tool is one click away.
iTechGuides is reader-supported. When you buy through links on our site, we may earn an affiliate commission. As an Amazon Associate I earn from qualifying purchases. Learn more
Former CFTC Commissioner Caroline Pham joked that the Commodity Exchange Act’s definition of a commodity covers “pretty much anything except for onions and movie box office receipts.” The line captures how broad the statutory definition can be—but it is shorthand, not a claim that the Commodity Futures Trading Commission can regulate every activity.
What did Caroline Pham say?
During a Technology Policy Institute panel, Pham, then a CFTC Commissioner, described the agency’s jurisdiction and the Commodity Exchange Act (CEA) this way: “So what is fun about the CFTC’s jurisdiction and the commodity exchange act is that the definition of a commodity is so extraordinarily broad. It is pretty much any thing, good articles, service, right interest, pretty much anything except for onions and movie box office receipts.” The transcript records her words as “movie box office receipts,” not simply “box office receipts.” Technology Policy Institute panel transcript
The phrase “almost everything except onions and box office receipts” is a convenient paraphrase of her remark. It should not be read as a complete explanation of the CFTC’s legal authority.
Free tools Windows power users keep installed
One-click scans. No signup required.
Why is the definition so broad?
The CEA names agricultural commodities and extends the definition to other goods and articles, as well as certain services, rights, and interests, when contracts for future delivery in them are dealt in or may be dealt in. That breadth gives the law room to cover markets beyond familiar physical commodities such as crops or metals. Legal analysis of the CEA definition
The link to contracts matters. A subject’s appearance in the definition does not by itself mean that the CFTC oversees every transaction or activity involving it. Coverage depends on the instrument and the relevant statutory provisions; the definition is one part of the jurisdictional analysis.
Can the CFTC regulate almost anything?
No. Pham’s wording describes the breadth of the CEA’s commodity definition, not unlimited agency power. In the same panel discussion, she referred to specific CFTC anti-fraud and anti-manipulation authorities and jurisdictional touchpoints. Those authorities operate within the statute; they do not turn every activity involving a broadly defined commodity into a matter for the CFTC.
Why did Pham mention onions and movie box office receipts?
They were exceptions in her humorous description of an unusually expansive definition. The panel transcript supports the remark, but does not establish a detailed legal explanation for why those two examples were singled out. They should not be treated as a complete list of exclusions from CFTC jurisdiction.
Recommended Free Tools
Does the definition settle whether prediction markets are regulated by the CFTC?
No. The definition has become part of contemporary arguments about event and prediction-market contracts, but applying it to a particular contract involves more than matching its subject to the broad statutory language. A 2026 legal analysis describes disputes over sports event contracts, prediction-market operators, and state gambling rules, and recounts competing arguments rather than a universal, settled outcome. Forbes legal analysis, June 1, 2026
Rank #3
When evaluating a claim about a specific market, distinguish what the statute says from a party’s argument, an agency position, or a court’s holding. The cited analysis reports litigation and competing positions; it does not establish that all prediction markets are either within or outside CFTC authority.
Quick Recap
Best Value
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
