Phantom and Hyperliquid want crypto rules updated. This news is about major crypto players, Phantom and Hyperliquid, asking a big US regulator, the CFTC, to update its rules for on-chain derivatives. Think of derivatives as contracts whose value comes from an underlying asset, like crypto. "On-chain" simply means these contracts operate directly on a blockchain. Currently, these rules are designed for traditional banks and intermediaries. These companies argue that blockchain developers and non-custodial wallet providers (like Phantom) shouldn’t be treated the same way as traditional banks. They handle crypto differently, often without holding your funds directly. Modernizing these rules would make it easier for innovative crypto projects to operate legally in the US, fostering growth without unnecessary burdens. It’s a push for recognition of how blockchain tech fundamentally changes financial interactions. If the CFTC modernizes these rules, it could significantly boost innovation in the decentralized finance (DeFi) space within the US. This move could pave the way for more mainstream adoption and clearer regulatory pathways for crypto projects, potentially reducing uncertaint...