CFTC Chair Selig Seeks to Codify Rules Protecting Non-Custodial Crypto Wallet Developers

At Consensus Miami, CFTC Chair Michael Selig said the agency plans to formalize guidance on when crypto software developers must register as brokers. In March, the CFTC issued a no-action letter stating it would not pursue enforcement against wallet provider Phantom for failing to register. Selig aims to convert that approach into official rules, clarifying that non-custodial wallet developers meeting certain conditions are not required to register as brokers, providing a clearer legal framework for US product development.
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