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The U.S. Commodity Futures Trading Commission said on Sept. 17 it will ease regulatory requirements for passive software providers that meet certain conditions, allowing them to support futures and derivatives trading without registering as introducing brokers, or IBs.
The CFTC’s Market Participants Division said it will not recommend enforcement action solely because a firm offering software that connects users with registered futures commission merchants, introducing brokers, or exchanges is not registered as an IB or as an associated person of an IB. The exemption does not apply if a software provider directly intervenes in individual orders or exercises discretion in trading, including by providing buy or sell signals.
The measure expands similar relief the agency granted in March to self-custodial crypto wallet provider Phantom to a broader range of similar software firms. Eleanor Terrett, host of the U.S. podcast “Crypto in America,” said the move shows the CFTC is providing regulatory clarity for the crypto market.