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Phantom pulls on-chain perps into the US wallet war ahead of July 9 deadline
On July 9, Phantom and the Hyperliquid Policy Center urged the CFTC to remove rules they say "unduly impede" fintech firms from working with registered derivatives markets. Phantom presents itself as the software in the middle, rather than the custodian.
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What happened
On July 9, Phantom and the Hyperliquid Policy Center urged the CFTC to remove rules they say "unduly impede" fintech firms from working with registered derivatives markets. Phantom presents itself as the software in the middle, rather than the custodian.
Confirmed
Global impact / market context
Phantom and Hyperliquid are asking the U.S. regulator to change rules that they say block fintech firms from accessing regulated derivatives markets, which could open new trading channels for crypto platforms.
Confirmed
The request comes as U.S. regulators tighten oversight of crypto derivatives after recent market turbulence, and as firms race to meet a July 9 deadline for submitting comments to the CFTC.
Confirmed
What to watch
- If the CFTC relaxes the rules, fintech firms may integrate on‑chain perpetual contracts, potentially boosting trading volume for platforms that act as middleware rather than custodians. Analyst inference
- Other crypto projects could lobby for similar changes, creating a wave of regulatory filings that may reshape how derivatives are offered in the United States. Proposed
- Investors should monitor any CFTC response or guidance issued after the July 9 deadline, as it will signal whether the proposed rule changes are likely to be adopted. Proposed
Affected assets
- HYPE — Hyperliquid