Phantom is one of the main wallets in the Solana network and also supports ETH, SUI, and other blockchains. CEO Brandon Millman noted that this decision will provide users with access to derivatives markets and event contracts. Meanwhile, his company does not need to register as a broker intermediary. The CFTC also emphasized that they are focused on developing rules and guidelines that could replace this letter.
Previously, under Trump, the CFTC issued no-action letters to Polymarket (a prediction market) and Binomial (derivatives). However, this was under the former CFTC chair, Caroline Pham. Under the leadership of Michael Selig, this is the first such letter issued.