Federal crypto classification
Map asset type and activity against FinCEN, GENIUS, SEC and CFTC potential exposure. Descriptive flags only - connect to counsel for a determination.
Standing federal notes
As of 2026-07-16, verified against primary federal sources.
- FinCEN
- FinCEN treats a convertible virtual currency exchanger or administrator as a money transmitter, and thus a money services business (MSB), under guidance FIN-2013-G001 (18 March 2013) and FIN-2019-G001 (9 May 2019), applying 31 CFR Parts 1010 and 1022. An MSB registers via FinCEN Form 107 within 180 days of commencing operations, renews every 24 months by 31 December, and re-registers within 180 days of a qualifying ownership, equity or agent-count change. Registration is not a licence and does not replace any state money transmitter requirement. BSA duties include written AML policies, a compliance officer, training, independent testing, and SAR/CTR filing. A 7 April 2026 FinCEN proposal would overhaul AML/CFT programme rules across MSBs generally, not CVC-specific; comments closed 9 June 2026 with no final rule yet.
- GENIUS Act
- The GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act) passed the Senate 68-30 on 17 June 2025, the House 308-122 on 17 July 2025, and was signed into law on 18 July 2025. It creates the first federal framework for payment stablecoins, with three issuer routes (bank subsidiary, OCC-approved federal nonbank issuer, or state-qualified issuer eligible for state-only supervision below 10 billion dollars outstanding), 100 percent reserve backing, monthly disclosures and Bank Secrecy Act coverage. As of mid-July 2026 implementing rules remain proposed, not final, from the OCC, the FDIC and a joint Treasury FinCEN/OFAC anti-money-laundering rule. The one-year rulemaking deadline falls 18 July 2026; full effect follows the earlier of final-rule-plus-120-days or 18 January 2027. A CVC exchange trading third-party stablecoins still awaits finalised issuer standards.
- Market structure
- The Digital Asset Market Clarity Act (H.R. 3633) passed the House 294-134 on 17 July 2025 and would split digital asset oversight: CFTC exclusive jurisdiction over digital-commodity spot and cash markets (a first for that agency), SEC jurisdiction over securities including ancillary assets, with permitted payment stablecoins carved out to the GENIUS Act. The Senate Banking Committee advanced its own version 15-9 on 14 May 2026, two Democrats joining all Republicans, and placed it on the Senate calendar around 1 June 2026. As of 16 July 2026 it is NOT enacted: no floor vote or cloture motion has occurred. Three disputes block the seven-to-nine Democratic votes needed: crypto-ethics and insider-trading disclosure language, a criminal-investigation provision opposed by prosecutors, and stablecoin-yield treatment, with roughly three weeks left before August recess.
- SEC
- Paul Atkins has chaired the SEC since April 2025, with Commissioner Hester Peirce leading the Crypto Task Force. Project Crypto, launched July 2025 and run jointly with the CFTC since 30 January 2026, favours exemptive relief and rulemaking over enforcement, with three crypto rule proposals targeted for July 2026. The 17 March 2026 joint interpretation set a five part token taxonomy. Securities analysis stays fact specific per asset and flow.
- CFTC
- Michael Selig has chaired the CFTC since 22 December 2025. The 17 March 2026 joint SEC and CFTC interpretation named 18 digital commodities, including XRP, Cardano and Solana, moving their spot trading toward CFTC oversight, a perimeter the CLARITY Act would make exclusive if enacted. 2026 rulemaking covers DeFi and perpetual contracts. Derivatives on digital commodities remain CFTC territory; broader spot authority awaits legislation.