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CFTC Needs to Adapt to Onchain Derivatives | Bitcoin and Crypto News
Description
Phantom and Hyperliquid are challenging the CFTC to modernize its rules for onchain derivatives, arguing that blockchain developers and non-custodial wallets aren’t traditional financial middlemen—and shouldn’t be treated as such. They’re pushing for clear guidance that building blockchain software shouldn’t automatically require registration, while also seeking confirmation that regulated firms can legally use onchain tech for trading and settlement under existing rules. As global crypto markets surge and traditional finance players raise alarms about decentralized platforms, these companies want U.S. innovation to stay home—not be forced overseas by outdated regulations. Meanwhile, the CFTC grapples with internal debates and legal battles over crypto derivatives, including a major exchange suing the agency over its approval of perpetual futures. The stakes? Keeping American users in the game while fostering homegrown innovation.
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