Crypto & Digital Assets - United States

DevelopingNo single federal license; a two-tier system: federal AML registration with FinCEN as a Money Services Business (Bank Secrecy Act, 31 CFR 1010/1022) plus state-by-state money transmitter licensing (with specialized regimes in NY (BitLicense) and CA (DFAL)). Securities/commodities oversight is split between the SEC and CFTC; comprehensive federal market-structure legislation (CLARITY Act) is still pending as of May 2026.

The U.S. has no unified VASP license. Crypto exchanges must register federally with FinCEN as MSBs/money transmitters for AML purposes and separately obtain money transmitter licenses in nearly every state (New York's BitLicense and California's DFAL being purpose-built crypto regimes). Federal market-structure rules dividing SEC vs. CFTC authority remain unsettled: a March 2026 joint SEC/CFTC interpretation clarified asset classification, but the CLARITY Act establishing exchange registration categories was still moving through the Senate as of May 2026.

Machine-assisted translation · verified 5/23/2026 · orientation, not legal advice. English version →