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CFTC issues 'no-action' letter for crypto wallet provider Phantom
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CFTC issues 'no-action' letter for crypto wallet provider Phantom

The no-action position taken by the US regulator under Chair Michael Selig will allow the company to engage in certain activities without registering as a broker.

3/17/20265 min read3 views

Subtitle

The no-action position taken by the US regulator under Chair Michael Selig will allow the company to engage in certain activities without registering as a broker.

No-action letter is a document in which the regulator states that it will not take any action against a company if it operates within the specified conditions. Thus, the CFTC confirms that it does not consider Phantom's activities to require broker registration.

Expert opinion

This CFTC decision can be seen as a positive signal for the entire cryptocurrency industry. It demonstrates that the regulator is willing to meet innovative companies halfway and find a balanced approach to regulating new technologies. This flexible approach will help stimulate the development of promising projects in the field of decentralized finance and Web3.

At the same time, Russian crypto companies should closely monitor such precedents. They can serve as a guide when interacting with domestic regulators and defending their interests.

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