Svmuu News: Hyperliquid and the non-custodial wallet Phantom have jointly submitted a comment letter to the U.S. Commodity Futures Trading Commission (CFTC), calling for an update to regulatory rules governing on-chain trading infrastructure. Both parties believe that current CFTC rules were designed for the traditional financial system, which relies on centralized intermediaries, and are not suitable for DeFi. They recommend clarifying that developers of on-chain trading protocol software do not need to register as exchanges or clearing organizations, and that non-custodial wallet front-ends do not need to register as introducing brokers. They also propose allowing regulated entities to conduct trading and clearing operations using blockchain technology. Previously, in June, the CFTC and the U.S. Securities and Exchange Commission (SEC) jointly issued a draft notice seeking industry feedback on regulatory rules affecting financial innovation. (The Block)