CFTC issues no-action letter for Phantom wallet, says it is not a broker

The U.S. Commodity Futures Trading Commission (CFTC) has issued a no-action letter regarding the self-custodial cryptocurrency wallet service Phantom, according to a media outlet. This decision indicates that the commission does not consider self-custodial wallet services, where users directly manage their own private keys and assets, to be traditional financial intermediaries or brokers. As a result, Phantom can likely continue to offer its services without undergoing complex broker registration procedures or meeting the associated regulatory compliance obligations.