Phantom and Hyperliquid urge CFTC to clarify rules for onchain derivatives markets.

Phantom Technologies and the Hyperliquid Policy Center jointly asked the Commodity Futures Trading Commission (CFTC) to update regulations for onchain market infrastructure. They want the CFTC to distinguish software development from regulated financial activities and allow registered firms to use onchain systems for derivatives trading. They also seek formal rules to protect non-custodial wallet providers like Phantom, following a recent no-action letter. This push aims to enable Americans to access onchain derivatives markets under clear CFTC oversight.