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CFTC Chair Michael Selig Pushes New Rules to Protect Crypto Software Developers
The Commodity Futures Trading Commission is considering rulemaking to clarify when crypto software developers must register as brokers, as Chair Michael Selig seeks to turn recent agency guidance into formal rules. The focus is on non-custodial software developers, particularly firms offering self-custodial wallet tools that do not take control of customer assets. In March, the CFTC issued a no-action letter stating that it would not recommend enforcement action against crypto wallet provider Phantom for failing to register as a broker. The agency said developers that meet certain conditions and provide ... (full story)
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