The Hyperliquid Policy Center and Phantom have jointly submitted a comment to the U.S. Commodity Futures Trading Commission (CFTC), urging the agency to clarify the roles of "infrastructure developers" and "regulated financial service providers" in on-chain markets. They propose that the CFTC confirm that releasing on-chain protocol software does not require registration, preventing developers from being classified as unregistered exchanges. Additionally, they suggest a compliance pathway for licensed exchanges to integrate on-chain infrastructure and recommend formalizing a no-action letter regarding non-custodial wallets into a rule.