CFTC Chairman: Considering rules to protect unmanaged software developers

According to The Block, Michael Selig, Chairman of the Commodity Futures Trading Commission (CFTC), stated that the CFTC is seeking to establish rules to protect non custodial software developers. In March of this year, the CFTC issued a non action letter regarding the cryptocurrency wallet Phantom, clarifying that self custodial wallet software developers who meet the criteria do not need to register as brokers. Selig reiterated that the prediction market falls under the exclusive jurisdiction of the CFTC and stated that it will continue to sue states that violate federal jurisdiction.