CFTC looks to cement non-custodial software developer protections following Phantom no-action letter
The Block
CFTC Chair Michael Selig plans to codify protections for non-custodial software developers, exempting them from broker registration requirements.Summary
The Commodity Futures Trading Commission (CFTC) intends to transition its stance on non-custodial software developers from a temporary no-action letter to formal rulemaking. Following a recent letter that exempted the crypto wallet provider Phantom from broker registration, Chair Michael Selig confirmed plans to provide clearer, codified guidance to support U.S.-based software innovation. Additionally, Selig asserted the agency's exclusive jurisdiction over prediction markets, vowing to continue legal challenges against states that attempt to regulate these platforms under local gambling laws.
(Source：The Block)