RegAlertUS Federal: crypto & digital assets regulation — 2026-09
Partially regulatedFragmented US regime: SEC/CFTC securities/commodity rules, FinCEN AML, state MSB licensing
Frozen snapshot — the guide as it stood at the end of 2026-09. See the live guide for the current state.
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- 2025-03-28FDIC Guidance on Bank Crypto Activities — Rescinded prior notification requirement, allowing supervised banks to engage in permissible crypto activities without prior approval.[4]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
- Application of the Federal Securities Laws to Certain Types of Crypto Assets and Certain Transactions Involving Crypto Assets · 2026-03-23
- Application of the Federal Securities Laws to Certain Types of Crypto Assets and Certain Transactions Involving Crypto Assets · 2026-03-23
- Staff Accounting Bulletin No. 122 · 2025-01-30
- FDIC Clarifies Process for Banks to Engage in Crypto-Related Activities · 2025-03-28
- Application of FinCEN’s Regulations to Certain Business Models Involving Convertible Virtual Currencies · 2019-05-09
- Money Transmitter Modernization Act Guidance – Tangible Net Worth and Virtual Currency · 2025-06-20
- Application of FinCEN’s Regulations to Virtual Currency Software Development and Certain Investment Activity · 2014-01-30
- Withdrawal of Interpretive Guidance: Retail Commodity Transactions Involving Certain Digital Assets · 2025-12-16