Hyperliquid Policy Center and Phantom Submit Joint Comment to U.S. CFTC, Calling for Clarifying the Role Boundaries Between "Infrastructure Developers" and "Regulated Financial Service Providers" in On-Chain Markets

CoinFeed July 9 news, Hyperliquid Policy Center (HPC) and wallet service provider Phantom submitted a joint comment to the U.S. Commodity Futures Trading Commission (CFTC), calling for clarifying the role boundaries between "infrastructure developers" and "regulated financial service providers" in on-chain markets. The two parties suggest the CFTC: first, confirm that merely releasing on-chain protocol software does not itself constitute a regulated activity requiring registration, to avoid developers being regarded as unregistered exchanges or clearing houses; second, provide a compliance pathway for existing licensed exchanges and clearing agencies to adopt on-chain infrastructure for matching and clearing; third, elevate the earlier no-action letter for Phantom stating that "non-custodial wallets are not financial intermediaries" into a formal rule, providing a unified and predictable regulatory framework for similar wallets.