For the CFTC, Phantom gives solely the software program interface and doesn’t act as a monetary middleman.
The letter applies provided that Phantom operates with companions registered with the CFTC; excludes DeFi derivatives.
The US Commodity Futures Buying and selling Fee (CFTC) issued a ‘no motion’ letter in favor of Phantom Pockets, essentially the most used cryptocurrency pockets within the Solana ecosystem.
The letter, shared by the Phantom staff on March 17, confirms that this pockets can provide its customers entry to regulated derivatives markets instantly out of your app no must register as introducing dealerthe authorized determine that, if utilized, would have required it to satisfy capital necessities, steady supervision and a regulatory construction designed for conventional monetary intermediaries.
A CFTC ‘no motion’ letter is a proper communication from the regulator indicating that is not going to provoke authorized motion in opposition to an entity (on this case Phantom) for particular conduct, below particular circumstances.
Though the letter doesn’t indicate a everlasting license, it does present authorized certainty in instances the place the present regulation doesn’t ponder new fashions.
The core of the endorsement is that the CFTC believes that Phantom acts as a passive software program supplier offering solely the interfacenot as an middleman.
Underneath that mannequin, the consumer sends their orders on to an trade registered with the CFTC, referred to as the Designated Contract Market (DCM), with out Phantom touching the funds or intervening within the operation.
In December 2025, Phantom built-in Kalshi, the main prediction markets platform with full registration with the CFTC within the US, into its app.
The mixing labored technically, but it surely left a grey space as as to if the Phantom might be thought of a introducing dealer. The letter of March 17 dispels that doubt and confirms that the pockets doesn’t must register below that determine.
However, as defined by the Phantom staff, It could be the “first ‘no motion’ letter” issued by the CFTC for a non-custodial pockets that operates as a passive interface linked to a regulated derivatives market.
What adjustments for Phantom customers and what would not?
For Phantom customers in the USA, the sensible result’s entry to regulated derivatives and prediction markets from the identical app the place they handle their property in Solana, with out giving up custody of your funds or opening accounts with exterior brokers.
Likewise, limitations additionally exist. In response to the assertion, the letter applies completely to the mannequin with companions registered with the CFTC and doesn’t cowl decentralized derivatives (DeFi) or tokenized prediction markets.
Lastly, and in accordance with the assertion, the letter imposes circumstances geared toward defending customers and guaranteeing the CFTC’s regulatory priorities, though it doesn’t element them.
