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BTC CFTC expands no-enforcement-action exemption for passive software providers
The CFTC's Market Participants Division (MPD) has issued a broad no-enforcement-action position that clearly delineates the regulatory boundary between developing trading software and acting as a financial intermediary. Under this position, the Department staff will not recommend enforcement action against qualified passive software providers and their associates who fail to register as introducing brokers or their affiliates.
This exemption, embodied in CFTC Staff Letters 26-25, applies to software provision and marketing activities linking users to registered futures commission brokers, introducing brokers, and designated contract markets. This position builds directly on the narrower scope position granted to Phantom Technologies in March 2026, when it was described as the first such case against a self-hosted crypto wallet provider. The letter previously issued on March 17 applies only to the Phantom family. After the agency received inquiries from other providers in similar situations, MPD extended the substantially same terms to a broader category of qualified businesses.
Qualification criteria: What is met and what is not met
附带豁免条件的规定非常具体。为了获得资格，软件必须保持真正的“被动”状态。它不得以任何自由裁量权路由订单，不得生成明确的买入或卖出信号，也不得在任何时候持有或控制用户资产。用户必须是处理其交易的注册实体的直接客户或成员，而非软件提供商自身的客户。所有交易必须通过CFTC注册的场所进行。
希望依赖该立场的提供商必须向MPD提交通知，同意满足所有既定条件，并同意接受CFTC对其相关活动所涉违规行为的调查和执法管辖权。
该立场并非永久有效。仅在委员会发布自身规则或指导方针，阐明介绍经纪商注册要求如何适用于软件开发商之前，该立场持续有效。未来的规则制定可能用具有约束力的框架取代工作人员立场，或者完全实施不同的标准。此外，该部门保留随时修改、暂停或撤回该立场的权利。
目前，只要严格保持在既定边界内，该信函为符合条件的软件提供商提供了一条可行路径，使其能够在不承担经纪商注册合规负担的情况下，促进对受监管衍生品市场的访问。
