$META
Cooling DownSnapshot Window: 2026-07-10 01:20 UTC · ← Back to Crypto Overview
Social Momentum Summary
Total Engagement - Comments: 1, Retweets: 5, Likes: 32, Impressions: 1221
Verbatim Community Citations & Social Evidence 1 source posts analyzed
Hyperliquid's policy group and Phantom sent the CFTC a letter with three simple requests: Don't treat writing the code as running an exchange. The people who build the software shouldn't need a license just for building it, the same way the engineers who build a normal
![The image is a comparison table titled "Traditional CFTC venue vs. onchain setup," contrasting how functions like customer funds, access, matching, clearing, margin, transparency, and trust model are handled by regulated intermediaries like brokers, DCMs, and DCOs versus an onchain protocol like Hyperliquid [XYZ]. It visually supports the post's argument by illustrating how each exchange function the CFTC regulates (order entry, matching, clearing, margin handling) is performed by code on Hyperliquid rather than by licensed intermediaries, reinforcing the letter's request that writing protocol code shouldn't require an exchange license.](https://api.cryptitalk.com/reddit-image/34e452ca781375f5fd4253049865e0fa7511ac2ce7cd531ec8c3e01a86034ee8.jpg)
AI visual note: The image is a comparison table titled "Traditional CFTC venue vs. onchain setup," contrasting how functions like customer funds, access, matching, clearing, margin, transparency, and trust model are handled by regulated intermediaries like brokers, DCMs, and DCOs versus an onchain protocol like Hyperliquid [XYZ]. It visually supports the post's argument by illustrating how each exchange function the CFTC regulates (order entry, matching, clearing, margin handling) is performed by code on Hyperliquid rather than by licensed intermediaries, reinforcing the letter's request that writing protocol code shouldn't require an exchange license.