CFTC Extends Broker Relief to Passive Crypto Software Providers

The Commodity Futures Trading Commission has extended regulatory relief to a broader class of software developers, allowing them to connect users to regulated derivatives markets without registering as brokers. The agency's Market Participants Division issued Staff Letter 2625 on September 17, 2026, expanding a no-action position previously granted only to the crypto wallet provider Phantom Technologies in March. Under the new guidance, passive software providers can offer interfaces that let users view market data, review products, and submit orders directly to registered venues, such as futures commission merchants and designated contract markets. The relief is conditional: providers cannot custody user funds, control order routing or execution, or issue explicit buy or sell signals. Users must retain the ability to access the registered trading provider independently of the software. The action came two days after the U.S. Senate rejected a procedural vote to advance the Digital Asset Market CLARITY Act, a bill that would have established a comprehensive federal framework for digital asset oversight.