The CFTC issued a no-action letter allowing passive software providers to connect users to regulated derivatives markets without registering as introducing brokers. This measure extends prior relief granted in March to Phantom Technologies to other software vendors. Conditions include user disclosure requirements, marketing policies, and recordkeeping obligations. The decision came the same day the SEC announced an Innovation Exemption for tokenized U.S. stocks, after the Senate failed to advance the Digital Asset Market Clarity Act.
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