Wu Blockchain has learned that the Hyperliquid Policy Center (HPC) and Phantom have submitted a joint comment letter to the CFTC, proposing improvements to the regulatory framework for on-chain market infrastructure. The suggestions include clarifying that merely publishing on-chain protocol software does not require registration, providing a clear pathway for regulated exchanges and clearinghouses to adopt on-chain infrastructure, and elevating the previous No-Action Letter for Phantom's non-custodial wallet to a formal rule. The letter argues that current regulatory rules are primarily designed for traditional custodial financial intermediaries and should be adjusted to account for features like self-custody and transparent settlement in on-chain markets. This would ensure regulatory goals are met while fostering innovation within the U.S. https://www.(wublock123.com)/news/hyperliquid-policy-center-and-phantom-urge-cftc-clarify-onchain-protocols-64325