Overview
- Phantom Technologies and the Hyperliquid Policy Center filed a joint public comment with the Commodity Futures Trading Commission on July 9 asking the agency to update how derivatives rules apply to onchain market infrastructure.
- The letter makes three specific requests: confirm that publishing or contributing onchain protocol software does not by itself trigger registration, create formal pathways for registered firms to run core functions on blockchain, and codify Phantom’s March 17 no‑action relief into lasting guidance.
- The March 17 CFTC no‑action letter had allowed Phantom’s non‑custodial wallet to connect users to regulated derivatives without broker registration and the joint filing seeks to turn that temporary, revocable relief into a permanent rule.
- Phantom says it does not custody user funds or execute trades and the filing argues that treating code authors or non‑custodial front ends as brokers forces projects offshore and blocks institutional onchain participation.
- The CFTC has not yet acted on the comment and market participants are watching whether the agency will adopt any clarifications or open formal rulemaking that would let DCMs, DCOs and FCMs use blockchain for matching, margining, settlement and clearing.