Phantom, a developer of self-custodial crypto wallets notably in style within the Solana ecosystem, secured a no-action letter from the U.S. Commodity Futures Buying and selling Fee (CFTC), permitting it to supply customers entry to sure regulated derivatives markets with out registering as a dealer.
In an announcement Tuesday, the CFTC’s Market Individuals Division stated it might not suggest enforcement motion towards Phantom for failing to register as an introducing dealer, offered the agency meets a set of circumstances. The reduction applies to Phantom’s software program appearing as a non-custodial interface that connects customers immediately with CFTC-registered entities, corresponding to futures fee retailers and designated contract markets.
Phantom stated in a weblog put up that the letter allows it to combine entry to regulated derivatives and occasion contracts immediately in its app by way of registered companions, whereas making certain customers submit orders straight to exchanges. The corporate emphasised it doesn’t custody buyer funds or intermediate trades.
Phantom described the end result as “first-of-its-kind” for this mannequin and the results of proactive engagement with regulators. “Slightly than constructing first and in search of forgiveness later, we took a distinct method,” the staff wrote within the weblog put up, including that early dialogue with the CFTC helped make clear how non-custodial interfaces can function inside present guidelines.
“A important a part of making crypto protected and straightforward to make use of is constructing monetary merchandise which might be ruled by clear, common sense rules. When warranted, partaking regulators early to search out compliant pathways for these new merchandise produces higher outcomes for our customers, for the business, and for regulators themselves. This letter is proof of that,” stated Phantom CEO Brandon Millman in a weblog put up.
“We’re grateful to the CFTC for working by way of a genuinely novel query with us, and we stay up for bringing extra revolutionary merchandise to customers in a approach that offers them confidence and units the correct precedent,” he added.
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UPDATE (March 17, 2026, 15:36 UTC): Tweaks headline.