The US CFTC is seeking to further strengthen protections for developers of unmanaged software.

CoinFeed reported on May 6th that, according to The Block, Michael Selig, Chairman of the U.S. Commodity Futures Trading Commission (CFTC), stated that the CFTC is considering rules to solidify its protective stance towards non-custodial software developers. In March, the CFTC issued a no-action letter to the Phantom crypto wallet, stating that it would not take enforcement action against it for not registering as a broker, and clarified that eligible self-custodial wallet software developers do not need to register as brokers. Selig stated that the CFTC is seeking to formally incorporate this position into rulemaking. Furthermore, Selig reiterated that prediction markets fall under the exclusive jurisdiction of the CFTC and that it will continue to sue states that violate federal jurisdiction. The CFTC has previously sued Wisconsin, Illinois, Arizona, Connecticut, and New York.