At Consensus Miami, CFTC Chair Michael Selig said the agency plans to formalize guidance on when crypto software developers must register as brokers. In March, the CFTC issued a no-action letter stating it would not pursue enforcement against wallet provider Phantom for failing to register. Selig aims to convert that approach into official rules, clarifying that non-custodial wallet developers meeting certain conditions are not required to register as brokers, providing a clearer legal framework for US product development.
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