US Federal: crypto & digital assets regulation

Partially regulated

Fragmented US regime: SEC/CFTC securities/commodity rules, FinCEN AML, state MSB licensing

Lead regulator: SEC (securities) / CFTC (commodities) / FinCEN (AML)
Also involved: CFTC (commodities) · FinCEN (AML) · State Banking Depts (MSB)
Core law: Securities Exchange Act of 1934; Bank Secrecy Act
Entry capital: None (federal)
Approval timeline: 6-18 months (SEC/CFTC); 3-6 months (State MSB)
Customer assets: Segregated; SAB 121 requires balance sheet recognition
Data protection: Sectoral (GLBA/CCPA); no federal comprehensive law
Sandbox: No

The US lacks a unified federal crypto license. The SEC regulates crypto assets as securities, requiring broker-dealer or exchange registration. The CFTC regulates digital commodities and derivatives. FinCEN enforces AML/KYC for money transmitters. States impose separate money transmitter licenses.

Which licence do you need?

Your activity	Requirement	Capital	Timeline	Authority
Exchange / trading platform	LicenceSEC Exchange Registration / CFTC FCM^[1][2] Securities vs commodity classification dictates regulator	—	—	SEC / CFTC
Custody of client assets	LicenceBroker-Dealer Custody / Qualified Custodian^[3] SAB 121 mandates liability recognition for safeguarded assets	—	—	SEC
Token issuance / public offering	LicenceSEC Registration / Regulation D Exemption^[1] Must register or qualify for exemption under federal securities laws	—	—	SEC
Broker-dealer / OTC desk	LicenceSEC Broker-Dealer Registration / FINRA Required for trading securities; specific custody rules apply	—	—	SEC / FINRA
Stablecoin issuance	Uncertain^[4] Federal framework pending; banks use OCC/FDIC guidance	—	—	—
Crypto payments acceptance	LicenceFinCEN MSB Registration + State MSB Licenses^[5][6] Federal AML registration plus state-by-state money transmitter licenses	—	—	FinCEN / State Depts
Mining / staking services	Unregulated^[7] Not a money transmitter if for own account; no federal license	—	—	—
Advisory / portfolio management	LicenceSEC Investment Adviser Registration Subject to Investment Advisers Act if managing securities	—	—	SEC / State

New — what changed recently

2026-03-23SEC/CFTC Joint Interpretation on Crypto Assets — Clarified classification of crypto assets into digital commodities vs securities, defining jurisdictional boundaries.^[1][2]
2025-12-16CFTC Withdrawal of Retail Commodity Guidance — Withdrew 2020 guidance on actual delivery for retail digital asset transactions, reevaluating regulatory scope.^[8]
2025-03-28FDIC Guidance on Bank Crypto Activities — Rescinded prior notification requirement, allowing supervised banks to engage in permissible crypto activities without prior approval.^[4]
2025-01-30SEC Staff Accounting Bulletin No. 122 — Rescinded SAB 121, removing the requirement for entities to recognize balance sheet liabilities for safeguarded crypto assets.^[3]

Market-entry checklist

1Determine Asset ClassificationClassify tokens as securities (SEC) or commodities (CFTC) to determine primary regulator.
2Register as MSB with FinCENFile FinCEN Form 107 for Money Services Business registration to satisfy federal AML/KYC.
3Obtain State Money Transmitter LicensesApply for MSB licenses in each state where customers reside; capital requirements vary by state.
4Register with SEC or CFTCRegister as a Broker-Dealer/Exchange with SEC or FCM/DFM with CFTC based on asset type.
5Implement AML/BSA ComplianceEstablish a risk-based Anti-Money Laundering program compliant with the Bank Secrecy Act.

Sources

This guide is compiled automatically from 8 primary-source documents published by US Federal's regulators, reviewed by RegAlert, and refreshed monthly (last updated 2026-07-12). It is not legal advice — always confirm requirements with the regulator or local counsel before acting.