Key Takeaways
- CFTC Staff Letter 26-25 gives passive software providers broader relief as of Sept. 17.
- Phantom’s March 17 framework now reaches more developers connecting users to regulated markets.
- CFTC relief lasts until formal rules or guidance replace the temporary staff position.
There’s a catch, though. The software has to stay in its lane. It can connect users with registered markets and pass along their orders, but it can’t hold customer funds, decide where trades go, or tell people what to buy and sell. The move comes right on the heels of the U.S. Securities and Exchange Commission giving tokenized stocks the green light to trade through onchain automated market makers and liquidity pools.
