Reigning in speculators = moving oil trading markets out of the USA and abandoning valuing oil in dollars?
Yes? No? Maybe?
Good point — needs to be repeated often. The U.S. drives huge benefits from having the world's (main) reserve currency. Most Americans probably won't know what you've got, til it's gone.
(For instance, in Canada, we learned how hard it is to pay down a national debt that's denominated in a foreign — i.e. U.S. dollar. As the loonie fell against the greenback, our debt increased proportionally.)
Function: verb
Date: 15th century
transitive verb
1: to control or direct with or as if with reins
2: to check or stop by or as if by a pull at the reins
intransitive verb
1archaic : to submit to the use of reins
2: to stop or slow up one's horse or oneself by or as if by pulling the reins
I wonder if futures trading is moved off shore how is this market going to be monitored by the regulatory agencies in the U.S.? All sorts of trades might, just might be regulated and have information gathered here but Dubai is not within the jurisdiction of some U.S. Commodity Futures Board.
Futures traders can be reined in, just raise margin requirements but whether this is a good idea is another matter.