The Commodity Futures Trading Commission (CFTC) stated it would not recommend enforcement action against software developers for not registering as introducing brokers, provided certain conditions are met, such as providing disclosures and adopting policies and procedures. This expands on a previous no-action letter issued to crypto wallet provider Phantom and follows the SEC's recent 'innovation exemption' for onchain trading of tokenized stocks. Industry experts praised the move for providing clarity, though some noted the risk of such positions being undone by future administrations.