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Here are the main news in web3:

Hyperliquid's policy arm and wallet maker Phantom filed a joint comment with the CFTC asking the agency to exempt non-custodial wallets and onchain infrastructure from exchange and broker registration. The filing would turn the no-action relief Phantom won in March into a formal rule covering every provider whose software never takes custody of user funds.

The ask matters more than any single exemption. A no-action letter shields one firm and can be pulled; a rule draws a line the whole sector can build behind. That two of DeFi's largest players are spending political capital to codify the non-custodial distinction signals a bet that the current CFTC will write it down — and a read that the window to do so is open now.

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WATCH

Building Paragon: A Perps Market on Hyperliquid

This week's build session goes inside Paragon, a new perpetuals market launching on Hyperliquid. Camila Russo sits down with the team to walk through the design live.

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REGULATION

Hyperliquid, Phantom Ask CFTC to Exempt DeFi From Broker Rules

Hyperliquid's policy center and wallet maker Phantom filed a joint comment with the CFTC seeking to exempt non-custodial wallets and onchain infrastructure from exchange and broker registration. The filing asks the agency to turn the no-action relief Phantom won in March into a formal rule covering every provider whose software never takes custody of user funds.

	TICKER	VALUE	24H
	Hyperliquid, Phantom Ask CFTC to Exempt DeFi From Broker Rules Hyperliquid Policy Center and Phantom filed a CFTC comment July 9 seeking exemptions from exchange and broker registration for onchain DeFi infrastructure. thedefiant.io

Why this matters: One-off relief protects one firm and can be pulled; a rule protects the category. Codifying the non-custodial line is what lets wallet builders ship without waiting for their own letter.

TRADFI AND FINTECH

PayPal's PYUSD Goes Native on Polygon, Joins Open Money Stack

Paxos, the OCC-regulated issuer of PayPal's PYUSD, began issuing the stablecoin natively on Polygon and integrated it into Polygon's Open Money Stack, a shared set of stablecoin rails for payments and settlement. PYUSD now mints and redeems directly on Polygon, dropping the bridge that had carried it there.

Why this matters: Native issuance removes a trust assumption and a source of fragmented liquidity. A PayPal-branded, US-regulated coin choosing a public L2 as home base is the institutional-rails story getting concrete.

DEFI

Aave Labs Launches Stable Vaults for Fintech Stablecoin Yield

Aave Labs launched Stable Vaults, which convert Aave's variable lending rates into fixed yields that wallets, exchanges, and payment apps can pass to their own users. The product wraps DeFi's floating rates in a fintech-friendly fixed number.

Why this matters: Fintechs want a rate they can quote and hold steady. Packaging Aave's floating yield as a fixed product is how DeFi plumbing reaches apps whose users never touch a protocol.

SECURITY

Interpol Ties $122.5M Crypto Wallet to Romance Scam Ring

Interpol tied a $122.5 million crypto wallet to a romance-scam ring as part of a 97-country sweep that logged 5,811 arrests and $293 million in intercepted assets. Thai police made two arrests linked to the wallet.

Why this matters: Onchain transparency cuts both ways. The same public ledgers that worry privacy advocates are letting cross-border investigators trace scam proceeds to specific wallets and people.

TOKENS

Arbitrum to Capture 10% of Fees From Robinhood Chain

Arbitrum will route 10% of the fees from Robinhood Chain back to the ARB treasury. Offchain Labs co-founder Steven Goldfeder says every Arbitrum-based L2, not only Arbitrum One, will now send a fee cut to the treasury — turning ecosystem chains into a revenue stream for token holders.

Why this matters: ARB has long lacked a direct link between network usage and token value. A treasury fee take from every chain built on the stack is the accrual mechanism holders have wanted.