Crypto
Home›Crypto›Regulation›Phantom urges CFTC to lift rules it says block US on-c…
Phantom urges CFTC to lift rules it says block US on-chain perps
Phantom says users keep control of funds and private keys while trades are executed directly with registered derivatives markets.
Phantom is pushing for changes to US derivatives oversight as the firm tries to position on-chain perpetual trading closer to regulated venues. According to CryptoSlate, Phantom, working alongside the Hyperliquid Policy Center, asked the Commodity Futures Trading Commission to remove rules they argue unduly impede fintech firms from operating with registered derivatives markets.
CryptoSlate reports that Phantom frames itself as software that sits between parties rather than acting as a custodian. The outlet says the approach is designed so users retain control of their funds and private keys.
The request is tied to a July 9 deadline referenced by CryptoSlate, with the group arguing the current regulatory framework creates friction for on-chain perps. CryptoSlate also notes that, under Phantom’s model, trades are executed directly between parties in the trading workflow.
Phantom and the Hyperliquid Policy Center’s letter centers on how fintech access to registered derivatives markets could work, emphasizing custody and user control as key elements of the proposed operating setup. CryptoSlate reported that the effort is focused on CFTC rule changes rather than on product changes alone.