CTF Written Submission

Phantom Technologies

June 17, 2025
  • Phantom Technologies, Inc. argues that its self-custody crypto wallet does not perform broker activities and thus should not require SEC registration under Section 15(a) of the Exchange Act.
  • The company advocates for the SEC to use its exemptive and/or no-action authority to create a regulatory framework for Token Shares tailored to decentralized finance (DeFi).
  • Phantom supports the Project Open initiative, which proposes a framework for the issuance and trading of Token Shares in compliance with existing securities laws.

Last Reviewed or Updated: June 17, 2025