Overview
- The CFTC’s Market Participants Division said it will not recommend enforcement against Phantom for failing to register as an introducing broker if specified conditions are met.
- The relief covers Phantom’s non-custodial interface that links users to CFTC-registered futures commission merchants and designated contract markets.
- Phantom says it will add in-app access to regulated derivatives and event contracts through registered partners, with orders submitted directly to exchanges.
- The no-action position is limited and conditional, does not change rules, and can be revisited by the agency.
- Phantom described the outcome as first-of-its-kind for this model and credited early regulator engagement, with CEO Brandon Millman highlighting a clearer path for compliant products.