Crypto In America Crypto Gets Guidance — Finally with Phantom CEO @BChillman, SPI Prez @KristinSmith & CahillNXT @NYcryptolawyer
Mar 20, 2026
Lewis Cohen, Cahill partner and crypto lawyer, breaks down SEC legal risks and disclosure traps. Kristin Smith, president of the Solana Policy Institute, explains regulatory taxonomy and legislative moves like the CLARITY Act. Brandon Millman, Phantom CEO and self-custody builder, outlines Phantom’s CFTC no-action win and access to regulated derivatives. They discuss guidance, tokenized settlement, and what this means for builders and markets.
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Nasdaq Pilot Lets Stocks Be Tokenized After T+1
- Nasdaq received SEC approval to pilot tokenized settlement, letting customers opt into blockchain-based post-trade tokens after T+1 settlement.
- Hosts described tokens keeping the same tickers and shareholder rights while opening possibilities for 24/7 offshore trading and DeFi integration.
Tokenized Shares Mirror Traditional Equities
- Tokenized settlement won't create new assets but will issue blockchain tokens with identical order books and shareholder rights, facilitating interoperability.
- Gerald noted the key open question is where tokenized shares can be traded and whether they can be used in DeFi or offshore venues.
Self-Custody Wallets Can Access Regulated Derivatives
- Phantom's CFTC no-action letter lets self-custody users open positions on regulated U.S. derivatives markets directly from their wallets.
- Brandon Millman explained this removes intermediary introducing brokers by letting users fund and transact from Phantom with stablecoins or crypto in-wallet.