Phantom Wins CFTC No-Action Relief, Clearing Path to Regulated Derivatives Markets

Commodity Futures Trading Commission rules generally require entities that solicit or accept futures orders for compensation to register as introducing brokers. Phantom is a self-custody wallet supporting Bitcoin, Ethereum and Solana. The relief clarifies how wallets that provide only a front end, without holding assets or influencing orders, can connect to regulated derivatives markets, creating a compliance path that industry peers can follow.

The CFTC’s Market Participants Division issued No-Action Letter No. 26-09 on March 17, 2026, in response to Phantom’s March 13 request. Subject to 10 conditions, the division will not recommend enforcement over Phantom’s failure to register as an introducing broker or register its personnel. Phantom may connect users with registered futures commission merchants, introducing brokers and designated contract markets for products including event contracts and perpetual contracts. The letter involved no fines or transaction amounts and will remain effective until relevant rules or guidance take effect.