The U.S. Commodity Futures Trading Commission (CFTC) has issued a “no action” letter in support of Phantom Wallet, the most used cryptocurrency wallet in the Solana ecosystem.
This letter shared by the Phantom team on March 17th confirms that this wallet can be offered to users Access regulated derivatives markets directly from the app No need to register as introducing brokerwhere applicable, capital requirements, ongoing supervision and legal figures required to meet regulatory structures designed for traditional financial intermediaries.
The CFTC’s “do nothing” letter is a formal notification from the regulator that: do not initiate legal action against the organization; (in this case, a phantom) a certain behavior under certain conditions.
This letter does not imply a permanent license, but provides legal certainty where existing regulations do not take into account the new model.
At the heart of this support is the CFTC’s belief that: Phantom acts as a passive software provider that only provides an interface.not as an intermediary.
In this model, users submit orders directly to a CFTC-registered exchange called a Designated Contract Market (DCM), without Phantom touching the funds or interfering with the operation.
In December 2025, Phantom integrated Kalshi, a leading prediction market platform fully registered with the US CFTC, into its app.
Although this integration technically worked, introducing broker. The March 17 letter dispelled those doubts and confirmed that there is no need to register a wallet based on that number.
Meanwhile, according to the Phantom Team’s explanation, It will be “the first ‘do nothing’ letter.” Issued by the CFTC for non-custodial wallets that act as passive interfaces connected to regulated derivatives markets.
What’s changing and what’s staying the same for Phantom users?
For Phantom users in the US, the practical outcome is that they can access regulated derivatives and prediction markets from the same app they use to manage their assets in Solana. without giving up custody of your funds or opening an account with an external broker.
There are limitations as well. According to the statement, the letter applies only to models with CFTC-registered partners; Does not cover decentralized derivatives (DeFi) or tokenized prediction markets.
Finally, the letter imposes conditions aimed at protecting users and ensuring the CFTC’s regulatory priorities, according to the statement, without providing further details.
(Tag Translate) Cryptocurrency
