By Isaac • July 9, 2026 2:58 pm •
Phantom Technologies and the Hyperliquid Policy Center filed a joint comment letter with the CFTC on July 9, 2026.
Their argument is simple. Regulation should attach to the entities that hold customer funds and control customer orders, not to the open-source code or the wallet interface a person uses to reach a market.
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The letter came in response to a CFTC request for information about rules that may block fintech firms from partnering with regulated financial infrastructure.
This is advocacy, submitted on the agency’s comment deadline. It is not a CFTC decision, exemption, or new rule.
Writing the software isn’t running the market. The same should hold true on-chain.
With the right rules, the CFTC
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