Hyperliquid and Phantom jointly recommend that CFTC update DeFi regulations

On 10 July, Hyperliquid submitted a joint submission with the non-hosting wallet Phantom to the United States Commodity Futures Trading Commission (CFTC) calling for an update of the regulatory rules for chain-based trading infrastructure. It was considered that the existing CFTC rules were designed for a traditional financial system that relied on centralized intermediaries and did not apply to DeFi, and it was suggested that it should be made clear that the development chain trading protocol software did not need to be registered as an exchange or a clearing house, and that the non-trust wallet front end did not need to be registered as an introduction broker, while allowing the regulated agency to use block chains for trading and clearing operations. Previously, in June, CFTC and the US SEC had jointly published a consultation draft for industry on regulatory rules affecting financial innovation。