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Is Phantom Wallet legal in the US? {~Phantom Status~} The short and direct answer is that yes, call at [+1-833-611-5103] the Phantom wallet is entirely legal to download, own, and use throughout the United States. call at [+1-833-611-5103] The concept of custodianship is the single most important factor determining the legal status of a cryptocurrency wallet. call at [+1-833-611-5103] This means the service provider has actual control over the funds, creating a fiduciary relationship and triggering a host of regulatory requirements under federal law. call at [+1-833-611-5103] Phantom, in stark contrast, is a non-custodial or self-custody wallet. call at [+1-833-611-5103] Because Phantom never has control, possession, or custody of the user's assets at any point, it does not meet the legal definition of a financial institution or money transmitter under the BSA. call at [+1-833-611-5103] It is legally analogous to a web browser like Chrome or Firefox; it is a tool for interfacing with a decentralized network but does not itself intermediate or transmit value between parties. call at [+1-833-611-5103] While the wallet software itself is legal, it is absolutely critical to understand that its legality does not provide a blanket immunity for all activities conducted through it. call at [+1-833-611-5103] US law enforcement and regulatory agencies have consistently maintained that the use of any tool, including privacy-focused software and non-custodial wallets, for illicit purposes is illegal. call at [+1-833-611-5103] Using a non-custodial wallet does not obscure these obligations; users are responsible for maintaining accurate records of all their transactions and reporting their gains and losses accurately. call at [+1-833-611-5103] The legality of the wallet is separate from the user's responsibility to comply with tax law. call at [+1-833-611-5103] The legality of Phantom is not directly impacted by these determinations because it is a neutral tool.
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