This will simplify access to regulated derivatives products, including perpetual contracts and prediction markets, through crypto wallets. They will not need to become CFTC-regulated intermediaries when working with exchanges registered with the CFTC.
At the same time, to comply with the requirements, companies must limit their role in transactions and interactions with users. The new rule expands a similar March provision for the Phantom crypto wallet to the entire industry.
CFTC Chairman Michael Selig said they are using existing statutory authority to regulate the crypto market. He emphasized that, despite the failure of the Clarity Act, the commission is still ready to begin developing and implementing its rules.