United States -- Regulatory Status Regulatory Overview
Methodology
AI-generated synthesis from web search results.
Limitations
- AI-generated content -- not reviewed by human expert
- Source URLs not independently verified
The US adopts a partial and fragmented regulatory approach to cryptocurrencies/virtual assets, with no comprehensive federal framework but significant progress via recent laws and agency coordination; crypto trading and exchanges are permitted under compliance with securities/commodities laws, AML rules, and state licenses, without an outright ban.[1][2][3][7]
Regulatory Approach
The US framework is partial and decentralized, relying on existing financial laws applied to digital assets based on their classification (e.g., security, commodity, or money transmitter) rather than a unified crypto-specific regime. Federal oversight has evolved from litigation to statutes and inter-agency agreements by 2026, balancing innovation with investor protection, though state-level rules add complexity and can restrict nationwide operations.[1][3][5]
Primary Regulatory Bodies
- Securities and Exchange Commission (SEC): Oversees digital assets classified as securities, including issuance and resale; leads Crypto Task Force for regulatory clarity.[1][3][4][6]
- Commodity Futures Trading Commission (CFTC): Regulates commodities/derivatives like Bitcoin spot markets; shares jurisdiction via 2026 SEC-CFTC MOU for harmonization.[1][3][4]
- Financial Crimes Enforcement Network (FinCEN): Enforces AML/CFT for crypto as money services businesses.[1][5]
- Office of the Comptroller of the Currency (OCC): Supervises non-bank stablecoin issuers under GENIUS Act.[3]
- State bodies: e.g., NYDFS (BitLicense), California DFPI (DFAL, effective July 1, 2026), New Jersey Dept. of Banking & Insurance.[1][5]
Key Legislation
| Legislation | Date/Status | Key Provisions |
|---|---|---|
| GENIUS Act | Signed into law 2025[2][3] | Federal regime for USD-pegged payment stablecoins: full reserves, audits, AML; OCC/Fed oversight for issuers. |
| CLARITY Act | Introduced May 2025; passed House, pending Senate[2][3] | Defines securities vs. commodities; CFTC jurisdiction over digital commodity spot markets; reduces SEC/CFTC overlap. |
| FIT21 (Financial Innovation and Technology for the 21st Century Act) | Passed House 2024; not yet law as of 2025[3][5] | Emphasizes CFTC as lead for non-securities crypto. |
| Anti-CBDC Surveillance State Act / NO CBDC Act | Passed House July 2025[2] | Prohibits Fed from issuing retail CBDC without Congress approval. |
| State examples: California DFAL | Effective July 1, 2026[1] | Licensing for exchanges/stablecoins via DFPI; $100k/day penalties. |
Stance on Crypto Trading and Exchanges
Crypto trading and exchanges operate legally if compliant: SEC/CFTC classify assets and oversee platforms (e.g., via 2026 MOU for coordination, innovation exemptions for DeFi/peer-to-peer); FinCEN mandates AML/KYC. Exchanges need money transmitter licenses (state/federal), with SEC approving crypto products for efficiency. No federal ban, but unlicensed activity risks penalties; states like NY impose strict regimes.[1][3][4][5] Recent SEC approvals and harmonization signal a pro-innovation shift under Chairman Atkins.[4]
Source Data
Obtain money transmitter license from DBF if transmitting virtual currency.[3][4]
Post surety bond (e.g., for cryptocurrency operations).[4]
Comply with AML/KYC, reporting, and exemptions check.[3][6]
No separate VASP license; standard LLC registration suffices if not transmitting.[7] Apply via DBF: https://dbf.georgia.gov/money-services.
**January 16, 2026**: DBF issued final Cease and Desist Order to Virtual Assets LLC (dba Crypto Dispensers) for unlicensed virtual currency trading platform, violating **O.C.G.A. § 7-1-681**.[6] Official: https://dbf.georgia.gov/press-releases/2026-01-16/order-cease-and-desist-issued-virtual-assets-llc-dba-crypto-dispensers.
Prior action: 2018 Cease and Desist to CampBX for unlicensed operations.[8]
**SB 305 (2025)**: Enacted law establishing registration and operating requirements for virtual currency kiosk operators, effective July 1, 2025, with operations starting January 1, 2026. Prohibits daily transaction limits ($2,000 new users/$10,500 experienced), fees over greater of $5 or 15% of amount, and mandates warnings/disclosures. OFR enforces with up to $1,000 civil penalties per willful violation.[web:7][5] Details: https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/sb0305?ys=2025RS[web:7]
**SB 136 (2019)**: Authorizes corporations to maintain records on distributed electronic networks (blockchain).[6] Details: https://freemanlaw.com/cryptocurrency/maryland-blockchain-legislation-status/[6]
**HB 454 (2025)**: Digital Asset and Blockchain Technology Task Force—failed/adjourned.[3][7]
**SB 759 (2026)**: Maryland Financial Innovation Act—prohibits certain state regulation of digital assets/staking (excluded from securities filings); hearing March 12, 2026, status "To Governor."[8] Details: https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/sb0759?ys=2026RS[8]
Maryland Financial Consumer Protection Act of 2018: Directed study of blockchain, crypto, ICOs, exchanges, and Fintech gaps.[1]
**Money transmitter license** (Financial Institutions Code Ann. § 12-401, § 12-405): For fiat/virtual currency transmission; requires application, net worth, surety bond, AML program.[1][web:1][web:2]
**Virtual currency kiosks** (SB 305): Register with OFR; transaction limits, fee caps, disclosures, fraud controls (e.g., blockchain analytics, risk monitoring).[2][5]
**January 13, 2026**: OFR finalizes comprehensive kiosk rules (registration, consumer protections, fraud refunds/prevention).[2] Details: https://www.jdsupra.com/legalnews/maryland-finalizes-comprehensive-rules-1142714/[2]
**Pre-2023 (noted in 2026 briefing)**: AG Securities Division cease-and-desist against major crypto firm for unregistered staking as securities.[4]
**April 22, 2025**: Governor approves SB 305.[5]
**2026**: SB 759 advances on digital asset deregulation; OFR briefing notes federal Genius Act impacts, state stablecoin certification needs by 2028.[4][8]
**H.B. 4200/S.B. 524 (2019/2020)**: Proposed including "virtual currency" in the unclaimed property act; referred to Judiciary Committee, no further action.1
**2019/2020 Blockchain Legislation**: Introduced the "South Carolina Blockchain Industry Empowerment Act" to allow tokenized shares, exempt "Open Blockchain Tokens" from securities/money transmission laws, and adopt a Financial Technology Sandbox Act; status unclear, no enactment confirmed.1
**S.R. 1158 (2020)**: Adopted Senate Resolution acknowledging blockchain importance and promoting its development.1
**S.B. 163 (S0163, introduced Jan. 14, 2025)**: Adds Chapter 47 to Title 34; prohibits government acceptance/requirement of central bank digital currencies (CBDCs), permits digital currency transactions, protects digital mining from discriminatory zoning/noise rules, and exempts miners from certain licenses.45
**H.B. 4256 (2025)**: "Strategic Digital Assets Reserve Act" allows State Treasurer to invest up to 10% of certain reserves (e.g., General Fund) in Bitcoin/digital assets (capped at 1 million BTC theoretically); promotes donations and diversification against inflation; status pending.36
Recent proposed bill (early 2025, unnamed in source): Aims to regulate crypto payments, taxes, mining, and transactions; under discussion for frameworks and guardrails.2
2025 S.B. 163 and H.B. 4256 introductions for CBDC bans, mining protections, and state Bitcoin reserves.346
Early 2025 bill discussions on payments/taxes/mining.2
State Treasurer's ongoing Digital Assets Literacy Project.8 All bills remain pending; no 2024-2026 enactments noted.
**HB 1** (signed February 26, 2019, Chapter 80): Updated Blockchain Task Force membership.[3]
**HB 70** (signed February 26, 2019, Chapter 94): Authorized secretary of state to implement blockchain commercial filing system.[3]
**HB 74** (signed February 26, 2019, Chapter 92): Created special purpose depository institutions (SPDI) banks for crypto custody, treating deposits as bailments.[1][3][4]
**HB 185** (signed February 26, 2019, Chapter 93): Allowed corporations to issue certificate tokens instead of stock certificates.[3]
**Money transmitter license** required for virtual currency kiosks or transmission activities under the Wyoming Money Transmitters Act.[2]
SPDI charters for crypto custody banks, limited to business entity depositors and compliant with federal laws.[3][4]
General businesses benefit from no specific crypto license beyond transmission/custody, with digital assets treated as property under commercial laws.[1][4]
**March 6, 2026**: Governor signed **HB 0075**, regulating virtual currency kiosks under money transmitter laws with confidentiality protections and immediate applicability; no specific enforcement actions noted.[2]
**August 29, 2025**: Launched **Frontier (FRNT)** state stablecoin, enhancing crypto-friendliness.[6][7][8]
Wyoming Money Transmitters Act/HB 0075: https://natlawreview.com/article/wyoming-establishes-licensing-framework-virtual-currency-kiosks [2]
2019 Bills (HB 1, 70, 74, 185): https://freemanlaw.com/cryptocurrency/wyoming/ [3]
Stable Token Commission: https://stabletoken.wyo.gov [8]
SF0076 (2023 digital assets): https://wyoleg.gov/Legislation/2023/SF0076 [9]
1 fact(s) collected but awaiting source verification. View in explorer →
Sources & Attribution
This article was generated by Perplexity Sonar .
Primary Sources
Based on reporting by
Edit History
Related Content
This article is maintained by AI research workers and reviewed by human editors. Learn about our methodology →