Exchange Ranking
Top Exchanges
24h Volume Ranking
Popularity Ranking
Exchange BTC Balance
Proof of Reserves
Decentralized Exchanges
Funding Rate
Funding Heatmap
Liquidation Data
Max Pain
Long/Short Ratio
Whale L/S Ratio
Binance/Okex/Huobi L/S
Bitfinex Margin L/S
ETF Tracker
Solana ETF
XRP ETF
Hong Kong ETF
Bitcoin Treasuries
Crypto Reversal
Ethereum Reserves
HyperLiquid Wallet Analysis
Hyperliquid Whale Watch
Large Transactions
On-chain Movement
Bitcoin ROI
Stablecoin Market Cap
Options Analysis
News
Articles
Economic Calendar
Features
Wallet
Contract Calculator
Security
Collections
Watchlist
FollowingCFTC staff: Passive cryptocurrency trading software providers do not need to register a broker to access regulated derivatives markets.
The U.S. Commodity Futures Trading Commission (CFTC) staff said on September 17 that providers of software for passive cryptocurrency trading will not face enforcement action if they are not registered as brokers when connecting users to regulated derivatives markets.
The CFTC Market Participants Department issued "No Accountability" Position Statement No. 9300-26 (Release 9300-26), which clearly states that it is extremely unlikely that law enforcement action will be taken for eligible software providers and their related personnel because they have not registered as introducing brokers or affiliated personnel. The exemption requires software to route user orders only to institutions registered with the CFTC, including futures commission dealers (FCMs), introducing brokers (IB), or designated contract markets (DCM).
Functional boundaries ofsoftware: Software that qualifies as
can perform order routing, display market data, and provide the infrastructure that enables users to interact with regulated exchanges. However, such software is strictly prohibited from holding asset custody, generating buy and sell signals, or making any trading decisions on behalf of users. The above exemptions will expire immediately once the software provider intervenes in transaction discretion, asset custody or signal generation.
这一立场使软件公司免除了作为介绍经纪商所需的资本金要求、合规义务及持续报告责任。在实践中，此举有望降低加密钱包和应用程序接入受监管衍生品（包括永续合约和预测市场）的门槛，使其无需自身转型为持牌经纪商即可提供服务。
豁免范围扩大
第9300-26号声明是对今年3月发布的Staff Letter 26-09中给予Phantom Technologies, Inc.（一家自托管式加密钱包软件提供商）豁免权的延伸。今年7月，Phantom与Hyperliquid政策中心共同向CFTC请愿，要求为非托管型钱包提供商提供更广泛的法律保护。
此项决定的发布恰逢其时。此前两天，旨在规范加密货币市场的《CLARITY法案》未能在美国参议院获得通过，相关终结辩论动议仅获49票支持，未达到所需的60票。尽管立法进程受阻，CFTC主席Michael Selig与SEC主席Paul Atkins于9月16日联合表示，两机构将在现有法律授权下继续推进加密货币监管工作。
Atkins在社交媒体平台X上发文指出：“无论立法是否通过，我们都将依据证券交易委员会的法定权限果断采取行动，为美国投资者以及塑造我们技术未来的企业家们提供确定性。”
需要强调的是，该豁免属于工作人员的解释性立场而非正式规则，因此可能被修改或撤销。此外，该声明并未涵盖各州层面的注册和许可要求，提供商仍需遵守当地法规。
