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Hyperliquid Policy Center and Phantom Urge CFTC to Clarify Onchain Software Regulation

GateNews
Regulation & Policy
On July 9, Hyperliquid Policy Center and Phantom filed a joint comment letter with the Commodity Futures Trading Commission urging the agency to clarify that publishing onchain protocol software should not automatically trigger registration as a derivatives exchange, clearinghouse, broker, or swap dealer. The filing argues that current CFTC rules conflate neutral software development with regulated financial activity. The organizations said the regulator should distinguish between writing code and operating a market, and create a clearer path for registered entities to use onchain infrastructure for compliance with derivatives regulations. Phantom previously received no-action relief from the CFTC in March, which the groups now ask the agency to formalize and expand.
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