CFTC Proposes Rules to Protect Self-Custodial Software Developers, Clarifying That They Are Not Required to Register as Brokers

According to The Block, CFTC Chairman Michael Selig stated on Tuesday at CoinDesk’s Consensus Miami conference that the CFTC plans to formally codify its prior position protecting non-custodial software developers into regulation. In March this year, the CFTC issued a “no-action” letter to cryptocurrency wallet provider Phantom, clarifying that self-custodial wallet software developers meeting certain conditions are not required to register as brokers. Selig said the agency will move forward with rulemaking as soon as possible to provide clear guidance for such businesses developing and offering software in the United States.