CFTC moves to codify non-custodial software protections after Phantom “no-action” precedent
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CFTC Chair Michael Selig Pushes New Rules to Protect Crypto Software Developers
What Is the CFTC Trying to Codify? The Commodity Futures Trading Commission is considering rulemaking to clarify when crypto software developers must register as brokers, as Chair Michael Selig seeks to turn recent agency guidance into formal rules. The focus is on non-custodial software developers, particularly firms offering self-custodial wallet tools that do not take control of customer assets. In March, the CFTC issued a no-action letter st…
Key Points of the News: The CFTC issued in March 2026 a non-action letter in favor of Phantom, establishing that self-managed wallet developers do not require registration as brokers under certain conditions. Michael Selig, president of the agency, confirmed that the agency is working to turn these guidelines into a formal enforcement regulation. The commission has initiated legal actions against Wisconsin, Illinois, Arizona, Connecticut and New…
CFTC Moves To Codify Non-Custodial Software Protections Following No-Action Precedents
NoSmokeSport - Sports News & Latest Trending World News NoSmokeSport - Sports News & Latest Trending World News - Better Sport News The Commodity Futures Trading Commission (CFTC) has reportedly signaled its intention to transition existing “no-action” precedents into formal industry rules to protect non-custodial software developers. This regulatory shift follows reports of agency discussions regarding the legal status of wallet providers and t…
CFTC moves to codify non-custodial software protections after Phantom “no-action” precedent
CFTC Chair Mike Selig said the agency will move to convert its March no-action position for Phantom Technologies into formal rulemaking, signaling a shift from one-off staff guidance to durable cross-industry protection for non-custodial software developers. Speaking at Consensus Miami on Tuesday, Selig framed the change as the next phase in a deliberate sequence. As I said before, I prefer rulemaking, and so we’re going to work to codify that …
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