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FollowingThe U.S. Commodity Futures Trading Commission provides new guidance for crypto apps to access regulated derivatives markets
On Thursday, the U.S. Commodity Futures Trading Commission (CFTC) issued new guidelines to crypto apps that want to provide access to regulated derivatives markets. In a "no action letter" issued by the agency, the market participants department stated that passive software providers can be exempted from registering as introducing brokers if they limit their role to front-end software and meet a series of conditions. This is significant for wallet developers and trading apps, as broker registration is often accompanied by strict compliance requirements. The CFTC letter provides a path for these developers to connect users to registered derivatives markets without acting as intermediaries to process transactions.
The CFTC wrote in the letter: "This department believes that a no-action stance against all [passive software providers] is necessary based on essentially the same terms as those provided to software developers in Letter 26-09." The letter covers software that allows users to view market data, product quotes and position information, and submit orders directly to registered entities for CFTC regulation for derivatives, including event contracts and perpetual contracts. The exemption was originally granted to Phantom Technologies in March, and its self-managed wallets are allowed to connect users to regulated derivatives markets without registering as a broker.
根据周四发布的信函，只要被动软件提供商及其相关人员在其覆盖的活动范围内并满足信函规定的条件，工作人员将不会建议因其未注册为介绍经纪商或关联人员而采取执法行动。这些条件包括：关于与注册实体关系的用户披露、利益冲突及费用说明；营销政策；记录保存；破产或资不抵债通知；以及同意相关条款的备案文件。
行业倡导者将该 CFTC 信函视为为构建连接用户与受监管衍生品市场工具的软件开发人员提供了所需的明确性。
数字商会首席执行官 Cody Carbone 在 X 平台上写道：“来自 CFTC 的明确性！构建连接用户与注册期货佣金经纪人（FCM）/衍生品交易所（DCM）工具的软件提供商，不再仅仅因为构建界面就需要注册为经纪商。这消除了衍生品市场中阻碍软件创新的主要监管模糊地带。”
区块链协会首席执行官 Summer Mersinger 也表达了类似的观点，她表示 CFTC 工作人员的行动提供了“重要的明确性”。Mersinger 称：“通过将之前的不行动豁免扩展到处境相似的被动软件提供商，CFTC 市场参与者部门正在采取一种更注重功能的监管方式——即关注技术提供商实际从事的业务，而不是将软件本身视为传统的金融中介。”
CFTC 的这一举措与证券交易委员会（SEC）同日推出的代币化美国股票“创新豁免”同时发生。这两项举措均发生在参议院未能通过《数字资产市场清晰法案》之后，该法案旨在为数字资产建立联邦市场结构框架，并明确 CFTC 和 SEC 的角色。
今年8月，CFTC 主席 Michael Selig 指示工作人员探索加密货币市场结构规则，前提是美国国会未通过《清晰法案》，其中包括针对加密货币交易所、杠杆交易和链上金融协议的规则。SEC 主席 Paul Atkins 在今年7月表示，如果立法停滞不前，SEC 已准备好制定加密货币规则。
Coinbase 副主席 Ryan VanGrack 形容 SEC 和 CFTC 的行动是在多年的监管停滞后“逐渐发生，然后突然爆发”。他在 X 平台上写道：“经过多年的监管停滞，我们在短短几小时内就看到了有意义的缓解措施：SEC 创新豁免和 CFTC 不行动豁免。潮流已经正式转变。”
