Hyperliquid Policy Center and Phantom Ask CFTC to Pave Way for Onchain Infra

What happened

Hyperliquid Policy Center and the blockchain platform Phantom submitted a request to the U.S. Commodity Futures Trading Commission asking it to confirm that their software code does not constitute a regulated financial service.

Confirmed

Global impact / market context

If the CFTC agrees, it would give clear regulatory certainty for developers building on‑chain infrastructure, allowing them to invest in technology and expand services without fearing future compliance costs or legal risk.

Analyst inference

The request comes amid heightened scrutiny of crypto projects by U.S. regulators, where many platforms are being evaluated for whether their code or services fall under existing financial‑service rules.

Analyst inference

What to watch

1. The timing and content of the CFTC’s response, which will indicate how quickly regulatory clarity may be provided for on‑chain code. Analyst inference
2. Any formal guidance the CFTC issues on whether blockchain code is considered a financial service, shaping future compliance requirements. Analyst inference
3. How the decision influences funding and development plans for on‑chain infrastructure projects, potentially affecting capital allocation in the crypto sector. Analyst inference

Affected assets

• HYPE — Hyperliquid

Evidence

• bankless.com