Wu Shuo has learned that the Hyperliquid Policy Center (HPC) and Phantom have submitted a joint comment letter to the CFTC, recommending improvements to the regulatory framework for on-chain market infrastructure. This includes clarifying that merely publishing on-chain protocol software does not require registration, providing a clear path for regulated exchanges and clearing institutions to adopt on-chain infrastructure, and elevating the previous No-Action Letter for Phantom's non-custodial wallet into a formal rule. The comment letter argues that current regulatory rules are primarily designed for traditional custodial financial intermediaries and should be adjusted to reflect the self-custody, transparent settlement, and other characteristics of on-chain markets, ensuring that innovation remains in the US while meeting regulatory objectives.