Regulation· ★★★★· bullish·

CFTC exempts crypto wallets from broker status in derivatives trading

  • —Letter 26-25 extends Phantom's March 17 relief to all passive wallet developers
  • —The exemption applies only to connecting to CFTC-registered FCMs, IBs and DCMs
  • —The developer must not hold funds or control orders and must warn about risks
  • —The position came the same day as the SEC's innovation exemption and two days after the CLARITY Act failed
Why it matters: The US continues to regulate crypto through agency exemptions rather than legislation, reducing risks for wallets but leaving the rules reversible.
Source: Coin Academy
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