CFTC Staff: Wallets Can Offer Regulated Perps Without Broker License

The relief is narrower than it sounds: the joint-liability undertaking effectively makes each registered venue or broker the gatekeeper, so adoption depends on how many are willing to sign. That shifts negotiating leverage toward the venues, not the wallet providers, and could produce a patchwork where only some platforms support such offerings. Whether the undertaking becomes a standard term or a deterrent is the open question.