Crypto Regulations in the US: A Complex Web of Agencies and Statutes

The United States has a complex regulatory framework for cryptocurrencies, which is overseen by multiple agencies and governed by various statutes. As of July 2026, the system is undergoing significant changes with the implementation of the GENIUS Act, which created a licensing regime for payment stablecoin issuers.

The Securities and Exchange Commission (SEC) regulates digital assets offered or sold as investment contracts, while the Commodity Futures Trading Commission oversees digital commodities, including Bitcoin. The two agencies have issued a joint interpretation that names 16 digital assets as digital commodities, excluding staking, mining, and airdrops from securities law.

Other regulatory bodies include FinCEN, which administers the Bank Secrecy Act and treats exchanges and custodial services as money services businesses. The OCC charters and supervises national trust banks, which can provide access to the banking system for crypto firms.

The GENIUS Act sets a licensing regime for payment stablecoin issuers and divides oversight between federal and qualifying state regulators. However, its implementation has been delayed, leaving issuers operating under interim guidance.