William C. Dunn and Delta Consultants, Inc. v. Commodity Futures Trading Commission et al.

Decided February 25, 1997. John Paul Stevens delivered the opinion of the Court.

Docket 95-1181 · 519 U.S. 465 (1997) · Cited 135 times

Holding

The Treasury Amendment exempts from CFTC regulation off-exchange trading in foreign currency options.

The Court’s statement of the holding, from the opinion’s syllabus. The syllabus is prepared by the Reporter of Decisions and is not part of the opinion of the Court — read the official opinion for authority.

How the Justices voted

Decided 9–0.

“Concurring” means agreeing with the outcome; any split shown is the Court’s judgment, not each Justice’s reasoning. Source: the Supreme Court Database (Spaeth et al.), Washington University.

Precedents cited

Supreme Court decisions this opinion relies on, ordered by how often it cites each. Cases in our collection link through; others are named.

• Babbitt v. Sweet Home Chapter, Communities for Great Ore. · 515 U.S. 687 (1995)
• Smiley v. Citibank (South Dakota), N. A. · 517 U.S. 735 (1996)
• United States v. Rutherford · 442 U.S. 544 (1979)
• Auciello Iron Works, Inc. v. National Labor Relations Board · 517 U.S. 781 (1996)
• Chevron U. S. A. Inc. v. Natural Resources Defense Council, Inc. · 467 U.S. 837 (1984)
• Pilot Life Insurance v. Dedeaux · 481 U.S. 41 (1987)
• Cannon v. University of Chicago · 441 U.S. 677 (1979)
• MacKey v. Lanier Collection Agency & Service, Inc. · 486 U.S. 825 (1988)
• BFP v. Resolution Trust Corporation · 511 U.S. 531 (1994)
• Martin v. Occupational Safety & Health Review Commission · 499 U.S. 144 (1991)
• Merrill Lynch, Pierce, Fenner & Smith, Inc. v. Curran · 456 U.S. 353 (1982)
• Estate of Cowart v. Nicklos Drilling Co. · 505 U.S. 469 (1992)
• Massachusetts v. Morash · 490 U.S. 107 (1989)
• Dole v. United Steelworkers · 494 U.S. 26 (1990)
• Hubbard v. United States · 514 U.S. 695 (1995)
• Mountain States Telephone & Telegraph Co. v. Pueblo of Santa Ana · 472 U.S. 237 (1985)

Official text

Read the official opinion (U.S. Reports, govinfo.gov)

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Source: Supreme Court of the United States, slip opinions (1997). Citation count from the Free Law Project’s CourtListener bulk data. Data last verified 2026-07-03. Informational only; verify against the primary source before relying. Not a consumer report (FCRA).