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SUI Cryptocurrency wallet provider Phantom and Hyperliquid Policy Center urge the U.S. Commodity Futures Trading Commission (CFTC) to exempt blockchain protocol developers and unmanaged wallet providers from regulatory requirements for traditional financial intermediaries.
In response to the CFTC\'s request for information on regulations affecting financial technology companies, the two companies asked the agency to confirm that blockchain protocol developers do not need to register solely because they create on-chain software; issue guidance to allow regulated derivatives companies to use blockchain infrastructure; and compile exemptions to prevent non-custodial wallet providers from being considered introducing brokers.
The two companies argue that existing CFTC regulations are designed for custodial financial intermediaries that hold customer assets and process transactions, while on-chain agreements allow users to trade directly without the need for intermediaries to control funds or execute orders.
They stated that registration requirements should apply to entities that process customer funds or execute transactions, rather than developers who create blockchain software or contribute to open source protocols but do not control how the software is used.
These organizations also require the CFTC to clarify that registered derivative exchanges, clearing houses and intermediaries can use on-chain infrastructure to perform functions such as trading, clearing, clearing, margin and record-keeping, provided they continue to comply with existing regulations.
These organizations said that if these recommendations are not adopted, the status quo will continue, with \"U.S. users continuing to be locked out of the on-chain derivatives market\" and innovation continuing to occur overseas.
Debate on the regulation of chain derivatives intensifies
The letter comes as cryptocurrency companies and traditional exchanges are pressing U.S. regulators on how blockchain-based derivatives should be regulated, and both want the agency to be clearer.
It was reported that in May this year, the Intercontinental Exchange (ICE) and the Chicago Mercantile Exchange Group (CME Group) urged regulators to review Hyperliquid\'s expansion into commodity-linked perpetual contracts, arguing that the decentralized platform\'s energy derivatives pose market integrity and manipulation risks.
Two weeks later, ICE CEO Jeffrey Sprecher called for a \"level playing field\" to allow regulated exchanges to offer 24/7 chain perpetual contracts, saying existing regulations prevented traditional exchanges from competing with platforms such as Hyperliquid. Sprecher also said ICE has held exploratory discussions with Hyperliquid to better understand the on-chain derivatives market.
Meanwhile, CME continues to expand its regulated cryptocurrency derivatives business. This year, the exchange announced the launch of futures linked to Avalanche and Sui, the launch of CFTC-regulated Bitcoin Volatility Futures, and the launch of the Nasdaq CME Cryptocurrency Index Futures, a market-weighted contract that tracks seven digital assets.
Despite its business expansion, CME sued the CFTC in June, questioning the agency\'s approval of cryptocurrency perpetual contracts, arguing that regulators exceeded their authority under the Commodity Exchange Act.
