Hyperliquid and Phantom ask the CFTC to stop treating DeFi like a broker Hyperliquid's policy arm (@HyperliquidPC) and wallet maker @phantom filed a joint comment to the @CFTC, answering its request for information before today's deadline. Their pitch is that onchain software

What happened

Hyperliquid and Phantom ask the CFTC to stop treating DeFi like a broker Hyperliquid's policy arm (@HyperliquidPC) and wallet maker @phantom filed a joint comment to the @CFTC, answering its request for information before today's deadline. Their pitch is that onchain software

Confirmed

Global impact / market context

If the CFTC changes its stance, DeFi projects could face fewer broker‑dealer requirements, lowering compliance costs and encouraging more innovation, while investors may see altered risk profiles for DeFi tokens.

Analyst inference

Hyperliquid's policy arm and wallet maker Phantom submitted a joint comment to the U.S. Commodity Futures Trading Commission (CFTC) responding to its request for information, urging the regulator to stop treating decentralized finance (DeFi) platforms as traditional brokers.

Confirmed

What to watch

1. CFTC’s next public statement or rule proposal on DeFi, which would clarify whether on‑chain software is subject to broker‑dealer regulations. Analyst inference
2. Responses from other DeFi platforms and industry groups, indicating whether a broader coalition forms to influence the regulator’s approach. Analyst inference
3. Changes in compliance spending by DeFi projects, as they adjust legal and operational budgets based on the regulator’s final guidance. Analyst inference

Evidence

• x.com