Phantom wins CFTC no-action relief for wallet access to derivatives

Phantom, a developer of self-custodial crypto wallets popular in the Solana ecosystem, secured a no-action letter from the U.S. Commodity Futures Trading Commission that allows it to offer users access to certain regulated derivatives markets without registering as a broker.

The CFTC’s Market Participants Division said it would not recommend enforcement action against Phantom for failing to register as an introducing broker, provided the firm meets a set of conditions. The relief applies when Phantom’s software acts as a non-custodial interface connecting users directly with CFTC-registered entities, such as futures commission merchants and designated contract markets.

Phantom said the letter enables it to integrate access to regulated derivatives and event contracts directly in its app through registered partners while ensuring users submit orders straight to exchanges; the company emphasized it does not custody customer funds or intermediate trades.

United States

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