Hyperliquid Policy Center and Phantom Urge CFTC to Clarify That Publishing Onchain Protocol Software Does Not Require Registration Hyperliquid Policy Center (HPC) and Phantom submitted a joint comment letter to the CFTC, urging the agency to modernize its regulatory framework

What happened

Hyperliquid Policy Center and Phantom Urge CFTC to Clarify That Publishing Onchain Protocol Software Does Not Require Registration Hyperliquid Policy Center (HPC) and Phantom submitted a joint comment letter to the CFTC, urging the agency to modernize its regulatory framework

Confirmed

Global impact / market context

If the CFTC clarifies the rule, developers of blockchain protocols could continue releasing code without costly registration, encouraging innovation, lowering compliance costs, and potentially expanding the pool of investable crypto infrastructure projects.

Analyst inference

The Hyperliquid Policy Center and Phantom have jointly submitted a comment letter to the U.S. Commodity Futures Trading Commission (CFTC) asking the agency to clarify that publishing on‑chain protocol software does not require registration under current regulations.

Confirmed

What to watch

1. Watch for any formal CFTC guidance or rulemaking that explicitly addresses on‑chain software publishing, which would set a clear regulatory baseline for the decentralized finance (DeFi) sector. Analyst inference
2. Monitor how DeFi platforms and protocol developers adjust their legal strategies and budgeting if registration requirements are waived, potentially increasing development speed and capital efficiency. Analyst inference
3. Track investor sentiment toward crypto infrastructure funds, as clearer rules may make these assets more attractive to traditional investors seeking lower regulatory risk. Analyst inference

Evidence

• x.com