First, this case addresses whether certain types of spot transactions in foreign currencies, despite their categorical exclusion from the scope of the CEA in 7 U.S.C. § 2(c)(1), may nevertheless provide the basis for criminal prosecution or regulatory enforcement under the statute. Second, this case concerns whether the Second Circuit's decision in this case—permitting the extraterritorial application of the CEA to trades made in the unregulated "over the counter" foreign exchange spot market by a foreign national from a foreign location through a foreign intermediary of a foreign bank, for the alleged purpose of deceiving a foreign counterparty on an option brokered by a foreign intermediary, for which a foreign branch served as prime broker—complies with the CEA's extraterritoriality provision, this Court's presumption against extraterritoriality, and the principles of international comity.

Whether the Commodity Exchange Act's categorical exclusion of foreign currency spot transactions from its scope in 7 U.S.C. § 2(c)(1) precludes criminal prosecution for such transactions, and whether the CEA's extraterritorial application to foreign nationals conducting trades in unregulated over-the-counter foreign exchange markets from foreign locations complies with the statute's extraterritoriality provision and the presumption against extraterritoriality