Phantom and Hyperliquid Demand CFTC Modernization to Save Onchain Derivatives
Phantom and the Hyperliquid Policy Center are officially pushing the CFTC to overhaul outdated regulatory frameworks that threaten the decentralized ecosystem. By responding to a formal request for information, these industry leaders are demanding that blockchain protocol developers and non-custodial wallet providers be exempted from rules built for centralized financial intermediaries.
This legal push aims to prevent developers from being forced into registration solely for creating onchain software and to ensure that regulated derivatives firms can safely utilize blockchain infrastructure. The core of the argument rests on the fundamental difference between custodial institutions and decentralized protocols, where users maintain direct control over their assets without a middleman.
The companies argued that existing CFTC regulations were designed for custodial financial intermediaries that hold customer assets and process trades, while onchain protocols allow users to transact directly without intermediaries controlling funds or executing orders.
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