United States -- Regulatory Status Regulatory Overview
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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.
Post surety bond (e.g., for cryptocurrency operations).
Comply with AML/KYC, reporting, and exemptions check.
No separate VASP license; standard LLC registration suffices if not transmitting. 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. 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.
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. Details: https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/sb0305?ys=2025RS
SB 136 (2019): Authorizes corporations to maintain records on distributed electronic networks (blockchain). Details: https://freemanlaw.com/cryptocurrency/maryland-blockchain-legislation-status/
HB 454 (2025): Digital Asset and Blockchain Technology Task Force—failed/adjourned.
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." Details: https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/sb0759?ys=2026RS
Maryland Financial Consumer Protection Act of 2018: Directed study of blockchain, crypto, ICOs, exchanges, and Fintech gaps.
Money transmitter license (Financial Institutions Code Ann. § 12-401, § 12-405): For fiat/virtual currency transmission; requires application, net worth, surety bond, AML program.
Virtual currency kiosks (SB 305): Register with OFR; transaction limits, fee caps, disclosures, fraud controls (e.g., blockchain analytics, risk monitoring).
January 13, 2026: OFR finalizes comprehensive kiosk rules (registration, consumer protections, fraud refunds/prevention). Details: https://www.jdsupra.com/legalnews/maryland-finalizes-comprehensive-rules-1142714/
Pre-2023 (noted in 2026 briefing): AG Securities Division cease-and-desist against major crypto firm for unregistered staking as securities.
April 22, 2025: Governor approves SB 305.
2026: SB 759 advances on digital asset deregulation; OFR briefing notes federal Genius Act impacts, state stablecoin certification needs by 2028.
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.
HB 70 (signed February 26, 2019, Chapter 94): Authorized secretary of state to implement blockchain commercial filing system.
HB 74 (signed February 26, 2019, Chapter 92): Created special purpose depository institutions (SPDI) banks for crypto custody, treating deposits as bailments.
HB 185 (signed February 26, 2019, Chapter 93): Allowed corporations to issue certificate tokens instead of stock certificates.
Money transmitter license required for virtual currency kiosks or transmission activities under the Wyoming Money Transmitters Act.
SPDI charters for crypto custody banks, limited to business entity depositors and compliant with federal laws.
General businesses benefit from no specific crypto license beyond transmission/custody, with digital assets treated as property under commercial laws.
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.
August 29, 2025: Launched Frontier (FRNT) state stablecoin, enhancing crypto-friendliness.
Wyoming Money Transmitters Act/HB 0075: https://natlawreview.com/article/wyoming-establishes-licensing-framework-virtual-currency-kiosks
2019 Bills (HB 1, 70, 74, 185): https://freemanlaw.com/cryptocurrency/wyoming/
SF0076 (2023 digital assets): https://wyoleg.gov/Legislation/2023/SF0076
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References
This article was generated by Perplexity Sonar .
Primary Sources
mgaleg.maryland.gov. (n.d.). mgaleg.maryland.gov. Retrieved April 12, 2026, from https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/sb0305?ys=2025RS[web:7
freemanlaw.com. (n.d.). freemanlaw.com. Retrieved April 12, 2026, from https://freemanlaw.com/cryptocurrency/maryland-blockchain-legislation-status/[6
mgaleg.maryland.gov. (n.d.). mgaleg.maryland.gov. Retrieved April 12, 2026, from https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/sb0759?ys=2026RS[8
Secondary Sources
dbf.georgia.gov. (n.d.). dbf.georgia.gov. Retrieved April 12, 2026, from https://dbf.georgia.gov/
moneytransmitterlaw.com. (n.d.). moneytransmitterlaw.com. Retrieved April 12, 2026, from https://moneytransmitterlaw.com/cryptocurrency-state-laws/georgia/.
dbf.georgia.gov. (n.d.). dbf.georgia.gov. Retrieved April 12, 2026, from https://dbf.georgia.gov/money-services.
dbf.georgia.gov. (n.d.). dbf.georgia.gov. Retrieved April 12, 2026, from https://dbf.georgia.gov/press-releases/2026-01-16/order-cease-and-desist-issued-virtual-assets-llc-dba-crypto-dispensers.
labor.maryland.gov. (n.d.). labor.maryland.gov. Retrieved April 12, 2026, from https://labor.maryland.gov/finance/industry/moneytran.shtml[web:1
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