US CFTC: Phantom Wallets Not Required to Register as Brokers

BlockBeats News, March 17, the U.S. regulatory agency CFTC issued a No-Action position, stating that self-custody crypto wallet developer Phantom Technologies Inc. does not need to register as a broker under certain conditions.

The document notes that Phantom's software is only used to help users connect to registered futures commission merchants, introducing brokers, and contract markets for trading, and under certain conditions, the CFTC's Division of Market Oversight will not recommend enforcement action against it for failing to register as an introducing broker.

This statement is seen by the market as further clarification of the regulatory stance on self-custody crypto wallet software.