The US Commodity Futures Trading Commission has issued a no-action letter to crypto wallet provider Phantom, allowing it to operate certain services without registering as a broker.
The decision means the regulator’s Market Participants Division will not recommend enforcement action against Phantom under specific conditions tied to its business model.
“With thanks to the CFTC's willingness to open their doors to facilitate innovation, we proactively engaged with the CFTC to seek clarity,”
Said Phantom.
Phantom said the relief allows it to act as a non-custodial interface connecting users to registered exchanges without assuming intermediary responsibilities that would require broker registration.
The move marks one of the first crypto-related no-action positions under CFTC Chair Michael Selig since his confirmation, signalling a more flexible regulatory approach.
The CFTC has previously issued similar letters to platforms including Polymarket and Binomial as part of efforts to support innovation while maintaining oversight.
The development comes amid broader regulatory coordination, with the CFTC and SEC recently signing an agreement to reduce jurisdictional conflicts over digital assets and related markets.