According to CFTC Chair Michael Selig speaking on Tuesday at Consensus Miami, the agency plans to codify protections for non-custodial software developers through formal rulemaking. 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, clarifying that software developers meeting certain conditions are not required to register. Selig said the CFTC aims to enshrine this stance into rules “very soon,” describing the approach as “crawl, walk, run” to provide clear guidance for firms developing self-custodial wallet software in the U.S.
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