Phantom's Crypto Wallet Get's No Action Relief! with Marisa Coppel

April 29, 2026

AI Summary

5 min read

Marisa Coppel, assistant general counsel at Phantom, discusses the company's recent CFTC no-action letter, which allows its non-custodial wallet users to access CFTC-registered entities like designated contract markets (DCMs) or futures commission merchants (FCMs) without Phantom registering as an introducing broker. Phantom, launched in 2021, has grown from a popular Solana-compatible wallet into a broader "money app" for on-chain asset management. The conversation covers the letter's mechanics, regulatory gaps in self-custody, and implications for DeFi amid improving U.S. crypto oversight.

CFTC No-Action Letter Mechanics

Phantom sought relief to let users connect directly to registered CFTC entities, such as CME Group, through its interface. Without it, Phantom would need to register as an introducing broker—a regime designed for traditional finance scenarios involving phone solicitation, trade strategy advice, and custodial handoffs between institutions. Non-custodial wallets like Phantom differ: users control their private keys and assets, sending funds directly to the registered entity without intermediary custody.

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What you'll learn

1 (00:00) **🎙️ Introduction: Marissa Koppel**
2 (04:40) **Phantom Overview and CFTC No-Action Letter**
3 (05:31) **Why No-Action Letter Was Needed**
4 (07:37) **Implications for DeFi and Self-Custody**
5 (09:53) **Process and Compliance for No-Action Letter**
6 (13:42) **SEC Progress Under New Leadership**
7 (16:52) **Clarity Act and Legislative Needs**

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Show Notes

Marisa Coppel, Assistant General Counsel at Phantom, joined me to discuss the CFTC issuing no-action relief for the firm’s self-custodial crypto wallet.
Topics:
- CFTC issued a no-action letter to Phantom Technologies
- SEC and CFTC guidance
- Clarity Act
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