Crypto-asset regulation in the United States: a multi-agency landscape

Overview for education, not legal advice. Rules change — check the official sources. Last reviewed 20 October 2026.

No single crypto law

The United States has no single law that governs all crypto-asset activity. Instead, existing federal statutes — written long before blockchains — are applied by several agencies, each within its own remit, while states regulate many businesses through their own licensing laws. Which rules apply depends on what a token is and what a business does with it. This makes the US picture complex and, at times, contested in the courts.

Securities law and the SEC

The Securities and Exchange Commission (SEC) applies federal securities law. A central question is whether a token, or the way it is sold, is an "investment contract" — a type of security. US courts answer this using a test from the Supreme Court's 1946 decision in SEC v. W. J. Howey Co., which asks, in short, whether people put money into a common enterprise expecting gains from the efforts of others.

In 2017 the SEC published a report concluding that tokens sold by an organisation known as "The DAO" were securities, indicating that token sales could fall under securities law. Since then, its approach has been shaped by enforcement cases, court decisions that have not always agreed with each other, and changing policy priorities. In 2025 the SEC set up a crypto task force to work on a clearer framework. Because its positions have been evolving, the SEC's own statements and rules are the only reliable guide to its current approach.

Commodities and the CFTC

The CFTC, the federal regulator for commodity derivatives markets, has treated bitcoin and other virtual currencies as commodities since 2015. It regulates derivatives markets on commodities and has authority to act against fraud and manipulation in the underlying spot markets, although it does not generally license spot trading platforms. Proposals to give the CFTC a larger role over spot markets for certain crypto-assets have been part of congressional debates.

Anti-money laundering and sanctions

The Financial Crimes Enforcement Network (FinCEN) administers the Bank Secrecy Act. Since its 2013 guidance, FinCEN has treated businesses that exchange or administer convertible virtual currency as money transmitters, which must register as money services businesses, run anti-money laundering programmes and file reports. FinCEN consolidated its guidance in 2019 and has stated that the existing funds "travel rule", which applies to transfers of $3,000 or more, also covers transfers of convertible virtual currency.

The Office of Foreign Assets Control (OFAC) enforces US sanctions. It has included crypto-asset addresses in its sanctions listings since 2018, and US persons must not deal with sanctioned parties regardless of the technology used.

State regulation

Most states require money transmitter licences for businesses that hold or transfer value for customers, and many apply these rules to crypto businesses. New York created a dedicated licence, commonly called the BitLicense, administered by the New York State Department of Financial Services since 2015. As a result, a firm operating nationally may need dozens of separate state licences.

Stablecoins

In July 2025 a federal law on payment stablecoins, commonly known as the GENIUS Act, was signed into law. It creates a framework under which issuers of payment stablecoins must be authorised at federal or state level and must back their tokens with reserves one-for-one. The detailed implementing rules are being developed by the federal agencies, so readers should check the regulators' websites for which provisions apply and from when.

Banking regulators

The Office of the Comptroller of the Currency, the Federal Reserve and the Federal Deposit Insurance Corporation oversee banks' involvement with crypto-assets, including custody. Their guidance has changed several times in recent years, so banks' permitted activities should be checked against current statements from these agencies.

Tax

For federal tax purposes the Internal Revenue Service treats digital assets as property, a position it first set out in Notice 2014-21. Tax obligations are separate from the regulatory questions above.

Legislation still under debate

Congress has debated broader "market structure" legislation that would divide responsibilities between the SEC and the CFTC more clearly. Because the outcome and timing of such bills can change quickly, we do not describe them as law here. Congress.gov shows the current status of any bill.

How the United States compares

Compared with the EU's single regulation, the US approach is fragmented: the same business may deal with a federal securities regulator, a federal commodities regulator, federal anti-money laundering rules and dozens of state licensing authorities. Much of the law has been clarified through enforcement actions and court decisions rather than dedicated legislation, which explains why summaries written even a year apart can differ. The 2025 stablecoin statute is the first federal law written specifically for one category of crypto-asset, and it is a useful example of how Congress may approach other categories.

Overview for education, not legal advice. Rules change — check the official sources. Last reviewed 20 October 2026. Nothing here is an offer or a recommendation to use any crypto-asset service.