United States: crypto & digital assets regulation

Regulated

US crypto regime: sectoral regulation by SEC/CFTC/FinCEN; no federal VASP license

Lead regulator:: Securities and Exchange Commission (SEC)
Key law:: Securities Exchange Act of 1934; Bank Secrecy Act (1970)
Last updated:: 2026-07-12

The United States regulates digital assets through a sectoral framework rather than a unified licensing regime. The SEC and CFTC exercise jurisdiction based on asset classification, while FinCEN enforces anti-money laundering rules for money transmitters.

Recent guidance clarifies that tokenized securities receive technology-neutral capital treatment, and banks may engage in crypto activities without prior approval. The SEC has also rescinded specific accounting bulletins for crypto custodians, simplifying compliance for platforms.

State-level regulation remains fragmented, with money transmitter laws applying to virtual currency exchanges in most jurisdictions. No federal VASP license exists, creating a complex compliance landscape for operators.

Who regulates

Securities and Exchange Commission
Primary regulator for crypto assets classified as securities; oversees exchanges and custody.
^[1]
Commodity Futures Trading Commission
Regulates crypto assets classified as commodities and derivatives markets.
^[1][2]
Financial Crimes Enforcement Network
Enforces Bank Secrecy Act requirements for money transmitters and virtual currency exchangers.
^[3]
Federal Deposit Insurance Corporation
Supervises banks engaging in crypto-related activities and custody.
^[4]

Core laws & rules

Securities Exchange Act of 1934 (1934)
Provides the statutory basis for SEC regulation of crypto assets deemed to be securities, including proposed amendments to the definition of 'exchange'.
Bank Secrecy Act (1970)
Establishes anti-money laundering obligations for money transmitters, including those handling convertible virtual currencies.
Commodity Exchange Act (1936)
Governs retail commodity transactions and derivatives involving digital assets, with evolving interpretations on 'actual delivery'.
^[5][6]

Licensing & registration

Federal VASP License
No federal VASP license exists; regulation is sectoral based on asset type and activity.
Low confidence — verify with the regulator before relying on this.
State Money Transmitter License
Required in most states for entities transmitting or exchanging virtual currency, with varying net worth requirements.
^[7][8]
Bank Crypto Activities
Banks may engage in permissible crypto activities without prior FDIC approval, subject to safety and soundness standards.
^[4]

Restrictions & warnings

OFAC sanctions prohibit transactions with designated entities, including those involving virtual currencies used for illicit finance.
^[9]
SEC Staff Accounting Bulletin No. 122 rescinds prior guidance requiring specific accounting for crypto custody, simplifying balance sheet treatment.
^[10]
CFTC withdrew 2020 guidance on 'actual delivery' for retail digital asset transactions, reevaluating exemptions in light of market developments.
^[5]

Direction of travel

Regulators are clarifying sectoral boundaries, with joint SEC-CFTC guidance defining crypto asset categories and capital treatment for tokenized securities.
^[1][11]
State-level regulation remains fragmented, with ongoing guidance on net worth requirements and disclosure obligations for virtual currency kiosks.
^[7][12]

Sources

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This guide is compiled automatically from 12 primary-source documents published by United States'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.