Phantom Secures CFTC Exemption Letter, Enabling Crypto Wallets to Directly Connect to Compliant Derivatives Markets for the First Time

marsbitPublicado em 2026-03-18Última atualização em 2026-03-18

Resumo

Phantom has secured a no-action relief letter from the CFTC, allowing its non-custodial crypto wallet to directly connect users to regulated derivatives and event contract markets—without requiring Phantom to register as an introducing broker. This marks the first global exemption of its kind. The approval enables Phantom to serve as a direct interface for users to submit orders to CFTC-registered exchanges, such as Designated Contract Markets (DCMs), while ensuring user funds are never held by Phantom. The exemption includes specific conditions to protect users and align with CFTC policy priorities. Phantom adopted a proactive compliance approach—engaging with regulators early and seeking clarity before launch, rather than building first and seeking forgiveness later. The company believes this sets a new precedent for constructive regulatory collaboration in crypto. The CFTC indicated it may develop future rules or guidance that could replace this exemption. Phantom hopes its efforts help establish a lasting framework benefiting the broader industry. The move reinforces Phantom’s commitment to offering secure, compliant, and user-centric financial access in crypto.

Author: Phantom

Compiled by: Deep Tide TechFlow

Deep Tide TechFlow Introduction: Phantom has obtained a profoundly significant exemption letter from the CFTC—crypto wallets no longer need to register as "introducing brokers" to directly connect users with compliant derivatives and event contract exchanges.

This is the world's first case of this model, and Phantom's approach itself is noteworthy:

Proactively engaging with regulators, ensuring compliance before launch, rather than building first and seeking forgiveness later—this approach may set a new precedent for the crypto industry's interactions with regulatory agencies.

Full Text Below:

We are thrilled to announce that the CFTC has confirmed via a no-action relief letter: Phantom, in collaboration with CFTC-registered partners, can directly provide users with access to regulated markets within the Phantom application without registering as an introducing broker.

This is a significant milestone and an achievement we are honored to have advanced together with the CFTC.

Content of the Exemption Letter

As a software provider, Phantom can now serve as a non-custodial interface to connect users to registered exchanges (e.g., Designated Contract Markets, DCMs) without assuming the regulatory obligations of an introducing broker.

The letter includes several conditions designed to ensure the CFTC's policy priorities are met while protecting user rights.

Under this model, users can submit orders directly to registered exchanges, with Phantom never handling customer funds. This provision specifically applies to custodial models with registered exchange partners and does not cover DeFi derivatives or tokenized prediction markets.

Our Approach

The entire process that led to Phantom securing this exemption letter exemplifies how regulatory procedures should ideally function.

We are grateful to the CFTC for keeping its doors open to support progress. We proactively engaged with the CFTC to seek clear guidance on how to provide users with access to regulated markets through registered partners as a non-custodial interface without having to register as an intermediary ourselves.

Instead of choosing to build first and seek forgiveness later, we took a different path to provide users with a safe and reliable way to access traditional financial markets. This letter is the result of that process.

Implications Beyond Phantom

This is the world's first exemption of its kind for this specific model. The CFTC's letter acknowledges that they are working on rules or guidance that may replace this letter in the future. We hope our involvement will contribute to forming a lasting framework that benefits the entire industry.

We also extend our thanks to the CFTC for collaborating with us seriously and in good faith. Addressing truly groundbreaking legal issues requires effort from both sides, and this outcome reflects a mutual willingness to do the work rather than defaulting to rejection.

Phantom was founded on the belief that crypto should be safe and easy to use. We are committed to continuing to lead the development of innovative, compliant, and user-first products.

"The key to making crypto safe and easy to use lies in creating financial products governed by clear, reasonable regulations. Engaging with regulators early and finding compliant pathways, when necessary, leads to better outcomes for users, the industry, and regulators themselves. This letter is proof of that.

We appreciate the CFTC's collaboration in addressing this truly groundbreaking issue and look forward to launching more innovative products in a way that instills user confidence and sets the right precedents."

—Brandon Millman, CEO

Perguntas relacionadas

QWhat is the significance of Phantom receiving a no-action relief letter from the CFTC?

AThe CFTC's no-action relief letter allows Phantom to directly connect users to regulated markets, such as designated contract markets (DCMs), within its non-custodial wallet application without requiring Phantom to register as an introducing broker. This is a global first for this specific model and represents a major milestone in regulatory compliance for crypto wallets.

QHow does Phantom's approach to regulatory compliance differ from the 'build first, ask for forgiveness later' method?

APhantom proactively engaged with the CFTC to seek clear guidance on how to provide access to regulated markets through registered partners without registering as an intermediary itself. This approach of 'compliance first, then launch' contrasts with the common industry practice of building products first and addressing regulatory issues afterward.

QWhat are the key conditions outlined in the CFTC's no-action relief letter for Phantom?

AThe letter includes several conditions to ensure CFTC policy priorities are met and user rights are protected. A key condition is that users submit orders directly to registered exchanges, and Phantom never handles customer funds. This model specifically applies to custodial arrangements with registered exchange partners and does not cover DeFi derivatives or tokenized prediction markets.

QWhy is this exemption considered a potential new template for the crypto industry's interaction with regulators?

AThe process of Phantom actively communicating with the CFTC, seeking guidance, and obtaining formal approval before launching the service demonstrates a collaborative approach to regulation. This path of engaging regulators early to find a compliant solution could serve as a new model for the industry, leading to better outcomes for users, the industry, and regulators themselves.

QWhat does Phantom's CEO, Brandon Millman, say is key to making crypto safe and easy to use?

ABrandon Millman states that the key to making crypto safe and easy to use is 'building financial products that are constrained by clear, sensible regulation.' He emphasizes that engaging with regulators early to find a compliant path, when necessary, leads to better results for everyone involved, as evidenced by this no-action letter.

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