Phantom, a leading non-custodial crypto wallet built for the Solana ecosystem, has received a historic no-action letter from the U.S. Commodity Futures Trading Commission (CFTC). The relief allows Phantom to integrate access to regulated derivatives and event contracts directly within its app-without registering as a broker.
The CFTC’s Market Participants Division confirmed it will not pursue enforcement, provided Phantom acts solely as a non-custodial interface, routing user orders directly to CFTC-registered futures commission merchants and designated contract markets. Phantom does not hold customer funds or intermediate trades.
Phantom CEO Brandon Millman called the outcome a first-of-its-kind regulatory alignment, achieved through early, proactive engagement with regulators. "This letter is proof that clear, common-sense regulation enables innovation while protecting users," he said.
The decision sets a critical precedent for how non-custodial crypto platforms can legally interface with traditional financial markets.