Hyperliquid Policy Center and Phantom submit joint comments to the U.S. CFTC

The Hyperliquid Policy Center (HPC) and the wallet service provider Phantom submitted a joint opinion to the Commodity Futures Trading Commission (CFTC) calling for a clear delineation of the roles of "infrastructure developers" and "regulated financial service providers" in on-chain markets.

The two parties suggested to the CFTC: first, to confirm that merely releasing on-chain protocol software does not constitute a regulated activity requiring registration, to avoid developers being viewed as unregistered exchanges or clearinghouses; second, to provide a compliant pathway for existing licensed exchanges and clearinghouses to engage in matching and clearing using on-chain infrastructure; third, to elevate the previous "no-action letter" regarding Phantom's "non-custodial wallets not being financial intermediaries" to formal rules, providing a unified and predictable regulatory framework for similar wallets.