Does the FTC even regulate financial instruments? I can’t imagine they have the power to actually ban futures, and even if they did it would never stop them from being traded—all trading would just move overseas.
I'm not totally clear on the process.
I remember reading somewhere that trading oil futures is a relatively recent practice, and that it was not "allowed" in the past.
As to who it is that "allowed" oil to be traded on the market, I can't recall, and am unsure if the article even explained that part.
It may be the Stock Market itself that determines what is traded, may be the FTC, but "somebody" is in charge of those decisions, and could take action to curb this speculation.