The Hyperliquid Policy Center and the non-custodial wallet Phantom have jointly submitted a comment to the U.S. Commodity Futures Trading Commission (CFTC), requesting that registration requirements for exchanges and brokers not be extended to on-chain protocols and non-custodial wallets.
They argue that simply publishing software for DeFi should not necessitate registration as an exchange or clearing organization. Hyperliquid and Phantom also called for a pathway for already registered companies that wish to transition regulated functions to on-chain infrastructure.