Phantom Technologies Faces CFTC Conditional Non-Action on Derivatives-Linked Wallet Software

The U.S. Commodity Futures Trading Commission (CFTC) Market Participants Division (MPD) has taken a conditional non-action position on Phantom Technologies' plan to provide un托管 virtual asset wallet software as of March 17, 2026. The MPD stated that if Phantom meets the specified conditions, it will not recommend enforcement action for failing to register as an Introducing Broker (IB), Futures Commission Merchant (FCM), or Designated Contract Market (DCM) when connecting users with these entities through its software.

Phantom provides a mobile and browser interface allowing users to view market data and position information, place orders for regulated derivatives such as event contracts and perpetual contracts directly to partner institutions. The company must not hold user assets or exercise discretion in order execution or transmission, and must comply with risk disclosures and conflict-of-interest transparency requirements.