The Hyperliquid Policy Center and wallet provider Phantom filed a joint comment with the Commodity Futures Trading Commission, arguing that the agency’s registration rules for exchanges and brokers should not apply to onchain protocol software or non-custodial wallets. The two entities made three requests: confirming that publishing onchain protocol software alone does not trigger exchange or clearinghouse registration, establishing a clear path for firms already registered with the CFTC to run regulated functions on onchain infrastructure, and turning the no-action relief granted to Phantom in March into a formal rule applicable to all non-custodial wallet providers. The CFTC, under new Chairman Michael Selman since December, approved the first U.S.-regulated bitcoin perpetual futures contract in May. CME Group has separately sued the CFTC over this decision, arguing that perpetual futures should be classified as swaps.
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