CoinWorld news, Wu Says learned that the Hyperliquid Policy Center (HPC) and Phantom have submitted a joint comment letter to the CFTC, proposing improvements to the regulatory framework for on-chain market infrastructure, including clarifying that merely publishing on-chain protocol software does not require registration, providing a clear path for regulated exchanges and clearing agencies to adopt on-chain infrastructure, and elevating the previous no-action letter for Phantom’s non-custodial wallet into formal rules. The comment letter argues that current regulatory rules are primarily designed for traditional custodial financial intermediaries and should be adjusted based on the self-custody and transparent settlement characteristics of on-chain markets, ensuring regulatory objectives while keeping innovation in the United States.