In March, Phantom became the first passive software provider to receive no-action relief from the CFTC. We're grateful to the CFTC for working with us to chart a new path for non-custodial software providers to connect people with regulated markets, all while the provider never holds users' funds or makes decisions about their trades. Now the CFTC has opened that same path to other software providers, and that's a win for the whole industry. This is how it should work: software built to protect consumers, paired with regulated partners, giving more people safe access to the financial services they want 🤝.

Arc is live in @phantom today. Circle built it on a simple idea: money should be internet-native. Real-time, always on, settled fast, interoperable. We agree. Congrats to @arc @circle and @jerallaire. Big picture: markets should be open to anyone, usable by anyone. Everyone should be able to control their own money, and plug into markets that never close. That's the freedom of open markets, and every rail like Arc gets more people there.

I agree with @vibhu and the Solana foundation: the crypto ecosystem has evolved and the wallet needs to evolve as well. As a product, Phantom has been undergoing big transformations over the past year. A lot of this work is already live: seedless login via Apple or Google, seamless swaps that abstract away gas and bridging, social usernames over raw wallet addresses, unified cash balances funded by built-in onramps (fund with everything from Apple Pay to ACH). And there’s definitely more to come. In order to power this this evolution, we’ve rebuilt our self-custody and onchain finance stack from the ground up, giving us the foundation to redefine what a wallet can be: hiding the sharp edges of crypto while giving users the power of open, permissionless markets.

Phantom and the @HyperliquidPC just filed a joint letter with the @CFTC. The Commission asked which of its rules keep fintech firms from partnering with regulated markets. We gave a direct answer, and it starts with how onchain markets actually work:

Proud to share that the @Ventuals team is joining Phantom: @AlvinHsia, @EmHsia, and Aris Samad start with us this week. I’ve been following their work for a long time, and am so excited to work alongside them at Phantom.

Huge thanks to Senate Banking for advancing the Clarity Act out of committee today. Real momentum behind a comprehensive federal framework for digital assets, and a clear, important signal that responsible builders can keep building in the U.S. with confidence.