CFTC issues ‘no-action’ letter for crypto wallet provider Phantom
The no-action position taken by the US regulator under Chair Michael Selig will allow the company to engage in certain activities without registering as a broker.
The US Commodity Futures Trading Commission (CFTC) said Tuesday that its Market Participants Division issued a no-action letter in response to a request from crypto wallet provider Phantom Technologies.
A CFTC notice said that the no-action letter would, under certain circumstances, stop the division from recommending that the regulator take an enforcement action against Phantom or its staff for failure to register as a broker.
According to Phantom, the no-action position will allow the company to “act as a non-custodial interface connecting users to a registered exchange […] without taking on the regulatory obligations of an introducing broker.”