CFTC provides an introductory broker registration exemption position for self-custody crypto wallet Phantom

The U.S. Commodity Futures Trading Commission (CFTC) Market Participants Division issued a "no-action" letter to the self-custody cryptocurrency wallet software developer Phantom Technologies Inc.

The letter addresses the software features that Phantom intends to offer and promote, allowing its users to trade through registered futures commission merchants (FCMs), introducing brokers (IBs), and designated contract markets (DCMs). The CFTC stated that, under certain conditions, the Market Participants Division would not recommend enforcement action against Phantom or its related personnel solely for the aforementioned activities without being registered as an introducing broker or its associated personnel.