Phantom, Hyperliquid ask CFTC to modernize rules for onchain derivatives
CoinTelegraph·
60-second summary
Phantom and Hyperliquid are asking the CFTC to modernize rules for onchain derivatives, specifically exempting blockchain developers and non-custodial wallet providers from traditional financial intermediary regulations. They argue that current rules are outdated and hinder innovation. The CFTC is considering this request, which could significantly impact the development of decentralized derivatives markets and their adoption.
The companies urged the regulator to exempt blockchain developers and non-custodial wallet providers from rules designed for traditional financial intermediaries.