As reported by The Block, Hyperliquid Policy Center and Phantom on Thursday ask the Commodity Futures Trading Commission to revise rules they say were built for centralized financial intermediaries rather than decentralized finance. In a joint comment letter, the groups argue that software supporting onchain trading, including systems like Hyperliquid, should not by itself trigger registration as an exchange or clearinghouse. They also say non-custodial front-end providers such as Phantom do not need to register as introducing brokers because code does not have legal personality, cannot enter contracts and cannot ... (full story)