Phantom has been granted no-action relief by the Commodity Futures Trading Commission's (CFTC) Market Participants Division as of March 17. According to NS3.AI, this decision allows Phantom's wallet to interact with Commission-regulated derivatives without the need to register as an introducing broker. However, registered futures intermediaries and markets are required to maintain customer relationships, custody, and clearing functions. The relief is at the staff level and may be subject to modification or termination. Phantom clarified that the relief does not extend to decentralized finance (DeFi) derivatives or tokenized prediction markets.