Hyperliquid Policy Center (HPC) and Phantom submitted a joint comment letter to the CFTC, urging the agency to modernize its regulatory fra…
Hyperliquid Policy Center (HPC) and Phantom submitted a joint comment letter to the CFTC, urging the agency to modernize its regulatory framework for onchain market infrastructure. The letter calls for clarifying that publishing onchain protocol software alone does not require registration, creating a clear pathway for regulated exchanges and clearinghouses to adopt onchain infrastructure, and codifying the Phantom non-action letter into a formal rule. It argues that the current regulatory framework was designed for traditional custodial intermediaries and should be updated to reflect the self-custodial and transparent nature of onchain markets.