According to CFTC Chair Michael Selig at Consensus Miami on Tuesday, the agency is considering writing rules to codify protections for non-custodial software developers. In March, the CFTC issued a no-action letter stating it would not pursue enforcement against crypto wallet provider Phantom for failing to register as a broker, establishing that software developers meeting certain conditions and providing self-custodial wallet software are not required to register as brokers. Selig said the agency aims to enshrine this stance into formal rulemaking, stating: “We want to get some clear guidance out there to help these firms start to develop and offer their software in the U.S.”
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