United States
The US operates a multi-regulator framework spanning federal banking agencies, the SEC, CFTC, FinCEN and state regulators — with significant evolution underway in stablecoin, market structure and digital asset legislation.
Scope, licensing and operational frame.
Scope of Regulation
SEC and CFTC jurisdiction over digital assets remains contested; FinCEN AML/BSA supervision; state money transmission and trust frameworks (NYDFS, Wyoming) provide additional pathways.
Who requires a licence
Exchanges, broker-dealers, ATSs, FCMs, custodians and money transmitters under applicable regulators.
Restricted activities
Unregistered securities offerings; unauthorised commodities and derivatives activity.
Permitted activities
Registered broker-dealer, ATS, FCM, qualified custodian and state-licensed activity.
Practical & advisory implications
Multi-regulator coordination, robust compliance infrastructure and state-by-state analysis are essential.
Evolution at a glance.
FinCEN guidance on virtual currency money transmitter status.
President's Working Group reports on stablecoins and digital assets.
Federal stablecoin legislation advances.
GENIUS Act and market structure legislation enacted.
Recent regulatory signals.
OCC issues guidance on stablecoin permissibility
SEC staff statement on tokenised fund administration
"The US offers institutional opportunity with elevated complexity; legislative evolution materially affects positioning."