Blockchain Association Statement on the no-action position to providers of passive software issued by the CFTC

Washington, D.C. (September 17, 2026) — Blockchain Association CEO Summer Mersinger issued the following statement in response to the no-action position to providers of passive software issued today by the CFTC: 

“Today’s action from CFTC staff provides important clarity for developers building software that connects users to regulated derivatives markets.

By extending its previous no-action relief to similarly situated passive software providers, the CFTC’s Market Participants Division is taking a more functional approach to regulation – one that looks at what a technology provider actually does rather than treating software itself as a traditional financial intermediary. Under the relief, passive software providers may facilitate access to regulated derivatives markets without registering as introducing brokers solely because they provide and market that software, subject to the conditions outlined by the Division.

That distinction matters. Software providers covered by the relief do not custody customer assets, exercise discretion over the routing or execution of orders, generate buy or sell signals, or affirmatively participate in individual trades.

The relief is an interim step while the Commission considers broader rulemaking or guidance, and durable regulatory clarity remains important. We look forward to continuing to work with the CFTC on rules that appropriately distinguish software development from financial intermediation and allow responsible innovation to grow in the United States.”