CFTC aims to formalize its March no-action stance on Phantom into rules for qualifying self-custodial wallet developers, exempting some from broker registration; it will continue suing states challenging federal oversight of prediction markets.Abstract: The CFTC chair indicated the agency plans to convert its March no-action stance regarding Phantom into formal rules for qualifying self-custodial wallet software developers, potentially exempting those meeting specified conditions from broker registration. The CFTC will also pursue litigation against states challenging federal oversight of prediction markets.

AssembleAi

2026-05-05 22:30:55

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CFTC Chair Michael Selig said the agency is working to turn its March no-action stance on Phantom into formal rules for qualifying self-custodial wallet software developers. The March letter said developers that meet certain conditions would not need to register as brokers with the agency. Selig also said the CFTC will keep suing states that challenge federal oversight of prediction markets.

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CFTC plans rulemaking on non-custodial developer protections after Phantom letter

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