The Commodity Exchange Act (CEA), enacted in 1936, is a cornerstone of U.S. regulation for futures and commodities trading. Building on the Grain Futures Act of 1922, the CEA established federal oversight of these markets. It mandates that futures and commodity options trades occur on designated exchanges, promoting transparency and order. The Commodity Futures Trading Commission (CFTC), created in 1974 as a result of the CEA, enforces these regulations. Further strengthening the system, the National Futures Association (NFA) was established by the CFTC in 1982 to self-regulate the industry.