Hyperliquid and Phantom Submit Comment Letter Advocating That Protocol Developers Should Not Be Considered Financial Intermediaries

The Hyperliquid Policy Center and wallet developer Phantom submitted a comment letter to the U.S. Commodity Futures Trading Commission, arguing that protocols and code that develop on-chain infrastructure are not equivalent to providing regulated financial services, and that protocol developers should not be viewed as financial intermediaries. The comment letter emphasizes that self-custodied, code-based on-chain markets require a modern regulatory framework and suggests providing regulatory clarity to encourage innovation to return to the U.S., while preserving users' ability to self-custody their assets.

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