Ryan Adams

So it's basically just like a demo period, a trial period, a sandbox period for you to do the thing that you said that you needed to do so that you can become decentralized.

And it just protects startups so they could go through the process of maturing and decentralization without getting a wealth notice.

So it's a path.

And I expect ICOs, like ICOs in the market will do this.

And so they will probably, you'll probably see ICOs raise under 5 million from the public and then later they'll raise under 75 million.

But I think this is like a permission to ICO or an ICO structure.

that teams can do.

The CFTC this week gave a no action letter to Phantom.

So this is, I think, something that Phantom requested.

They asked for...

a no action letter from the CFTC saying, hey, like, please don't sue us.

And the CFTC said like, yeah, we're not going to do that about plugging into perps and prediction markets.

So Phantom is now being told by the CFTC that they, the CFTC will not take any action against Phantom for allowing their users to access prediction markets and perps inside of the app.

And so what does this mean is that this means that Phantom is not being considered to be a broker, right?

It is just a wallet.

It's always been a wallet.

It's only ever going to be a wallet, but it doesn't have any broker responsibilities by integrating prediction markets or like hyperliquid, any derivative platform into the wallet.

There are some restrictions, some conditions that Fantom must meet.

They must not handle user funds, so it must remain non-custodial.

There must not be any discretionary trading or no advice given by Fantom.