CFTC Plans Formal Rules for Non-Custodial Crypto Software Developers

The US Commodity Futures Trading Commission (CFTC) is taking steps to provide clearer guidelines for non-custodial crypto software developers in the United States.

CFTC Chair Michael Selig announced that the agency plans to codify its no-action position towards Phantom Technologies, a self-custody wallet provider, into formal rules. This move aims to give firms a clearer understanding of their obligations under U.S. derivatives laws.

The proposed rule would likely need public comment before adoption and is expected to be released in stages to provide companies with clearer direction as they build and offer software in the US.