US crypto laws and regulations: where things stand in 2026

As of October 2026, the US has a federal stablecoin law, much friendlier regulators than it did two years ago, and still no comprehensive law dividing crypto oversight between the SEC and CFTC. This guide explains who regulates what, what changed, what is still pending, and what it means for you as a user.

The big picture in October 2026

US crypto rules come from several layers: Congress, federal agencies, the White House, and 50 states. Since early 2025, the direction has changed sharply. Federal agencies moved away from bringing enforcement cases and toward writing guidance, exemptions and rules.

Three facts frame everything else:

• Stablecoins have a law. The GENIUS Act was signed on July 18, 2025, and regulators are writing its rules.
• Market structure does not. The CLARITY Act passed the House but stalled in the Senate on September 15, 2026.
• Agencies are filling the gap. The SEC and CFTC have issued a joint token taxonomy and are proposing rules under existing law, which future administrations or courts could undo more easily than a statute.

Who regulates what

No single agency "owns" crypto. Which one applies depends on what an asset is and what a business does with it.

The GENIUS Act: rules for stablecoins

The Guiding and Establishing National Innovation for U.S. Stablecoins Act became Public Law 119-27 on July 18, 2025. It creates a federal framework for payment stablecoins, meaning dollar-pegged tokens used for payments and settlement.

Key points from the law:

• Only permitted issuers. Payment stablecoins must come from approved issuers: bank subsidiaries, federally qualified nonbank issuers, or state-qualified issuers.
• One-to-one reserves. Issuers must hold high-quality reserves such as cash, deposits and short-term Treasuries. They must publish the reserve composition monthly and have it examined by a registered accounting firm.
• No interest for holding. Issuers may not pay holders interest or yield just for holding the coin.
• State option with a cap. Issuers with up to $10 billion outstanding may choose a state regime that is "substantially similar" to the federal one.
• Holder priority. In an issuer insolvency, holders' claims on reserves come first. Custodians must also give customers' stablecoin claims priority.
• Platform deadline. Three years after enactment (July 2028), US crypto service providers generally may not offer stablecoins from non-permitted issuers.

When it takes effect: the law takes effect on the earlier of 18 months after enactment (January 18, 2027) or 120 days after regulators issue final rules.

Implementation so far: Treasury issued an advance notice in September 2025. The OCC proposed rules in early 2026, and Treasury proposed rules on issuing, offering and selling payment stablecoins on August 17, 2026. The Federal Reserve published its proposal on September 29, 2026, with comments due November 30, 2026. As of early October 2026, these were still proposals rather than final rules.

For how specific coins compare on reserves and redemption, see our stablecoins guide.

Market structure: the CLARITY Act stalls

The Digital Asset Market Clarity Act (H.R. 3633) would have set statutory lines between the SEC and CFTC. It would have defined "digital commodities," created CFTC registration for spot crypto exchanges, brokers and dealers, and added bankruptcy protections for customers.

Here is where it stands, per the congressional record:

• It passed the House 294-134 on July 17, 2025.
• The Senate Banking Committee approved a substitute version on May 14, 2026, and reported it on June 1, 2026.
• On September 15, 2026, the Senate voted 49-50 on cloture on the motion to proceed, short of the 60 votes needed to start debate.
• Senator Tillis entered a motion to reconsider the same day, which keeps a procedural path open.

With midterm elections in November 2026, many observers consider the bill unlikely to pass this Congress. That is a forecast, not a certainty. Bills can be revived, and any new Congress would have to start the process again.

The SEC's policy shift since 2025

The SEC changed course quickly after January 2025:

• Crypto Task Force. Launched January 21, 2025 and led by Commissioner Hester Peirce, to draw clearer lines and recommend policy.
• Accounting relief. Staff Accounting Bulletin 122 (January 23, 2025) rescinded SAB 121, which had made it costly for banks and public companies to hold crypto for customers.
• Dropped cases. The SEC dismissed its lawsuits against Coinbase in early 2025 and Binance on May 29, 2025, among others.
• Staff statements. Corporation Finance staff said typical meme coins are not securities (February 27, 2025). They said the same of certain protocol staking activities (May 29, 2025) and certain liquid staking arrangements (August 5, 2025). Staff statements are not binding rules.

The March 2026 joint interpretation. On March 17, 2026, the SEC, joined by the CFTC, issued a formal interpretation that sorts tokens into five categories:

• Digital commodities: not securities.
• Digital collectibles: not securities. This category includes meme-based tokens.
• Digital tools: not securities.
• GENIUS Act stablecoins: not securities.
• Digital (tokenized) securities: securities.

The release names bitcoin, ether, solana, XRP, cardano and others as examples of digital commodities. It also covers airdrops, mining, staking and wrapped tokens, and explains how a token can be sold in a way that creates an investment contract even when the token itself is not a security.

Proposals since then. On August 18, 2026, the SEC proposed "Regulation Crypto Assets." It includes a one-time $5 million exemption over four years, a $75 million-per-year offering exemption with disclosure and reporting duties, and a conditional safe harbor. It is a proposal, open for public comment. On September 17, 2026, the SEC also granted a five-year conditional exemption for venues trading tokenized versions of listed US stocks.

The CFTC's role

The CFTC already oversees crypto futures and has fraud and manipulation authority over spot commodity markets. It does not have a general licensing regime for spot crypto exchanges; that is the gap CLARITY would have closed.

In 2025 the CFTC launched an initiative to allow listed spot crypto trading on registered futures exchanges. After the Senate vote, Chairman Michael Selig said the agency would act under its existing authority. On September 17, 2026, the CFTC sent a proposed rule called "Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets" for White House review. As of early October 2026 its text was not public.

White House actions: CBDC ban and bitcoin reserve

Two executive orders set the tone:

• Executive Order 14178 (January 23, 2025) created a working group on digital asset policy and prohibited federal agencies from establishing or promoting a US central bank digital currency.
• The Strategic Bitcoin Reserve order (March 6, 2025) set up a reserve funded with bitcoin the government already owns through final criminal or civil forfeiture. It says that bitcoin is not to be sold. A separate "Digital Asset Stockpile" holds other forfeited tokens. Any new bitcoin purchases must be budget neutral, meaning no extra cost to taxpayers.

Executive orders can be changed by a future president. Bills to write the reserve into law have been introduced, but as of October 2026 none had been enacted.

Banking access

For years, crypto firms complained of "debanking." Federal banking regulators reversed several 2022–2023 positions:

• The OCC's Interpretive Letter 1183 (March 7, 2025) confirmed national banks may offer crypto custody, certain stablecoin activities and node participation without prior supervisory non-objection.
• On April 24, 2025, the Fed withdrew its crypto guidance for banks. It joined the FDIC and OCC in withdrawing two 2023 joint statements on crypto risks. In August 2025 it ended its special "novel activities" supervision program.
• Executive Order 14331, "Guaranteeing Fair Banking for All Americans" (August 7, 2025), directed regulators to end politicized or unlawful debanking of people and companies engaged in lawful activities.

For users, this means more banks and brokerages may offer crypto custody and trading. Crypto held at a bank is still generally not FDIC-insured the way a deposit is.

State-level rules

States license most crypto businesses that hold or transmit your money:

• New York: the BitLicense (23 NYCRR Part 200) has required a license for virtual currency business with New Yorkers since 2015. That is why some apps offer fewer features in New York.
• California: under the Digital Financial Assets Law, covered crypto businesses serving Californians needed a DFAL license or a completed application by July 1, 2026.

Crypto ATMs. Because kiosks are heavily used in scams, states have tightened rules:

• California has capped kiosk transactions at $1,000 per customer per day since January 1, 2024.
• Indiana enacted House Bill 1116 in 2026, prohibiting the operation of virtual currency kiosks.
• Minnesota's kiosk ban took effect August 1, 2026.

See our crypto ATM scams guide.

State reserves. New Hampshire's HB 302, signed in May 2025, lets the state treasurer invest a limited share of certain funds in precious metals and large digital assets. Texas enacted SB 21 in June 2025, creating a Texas Strategic Bitcoin Reserve. Other states have debated similar bills with mixed results.

The global picture

• European Union: the Markets in Crypto-Assets Regulation (MiCA) has applied in full since December 30, 2024. According to ESMA, the last transitional periods for existing firms ended July 1, 2026, so crypto firms serving EU customers now need MiCA authorization. Separately, the EU's DAC8 tax reporting rules require providers to collect user transaction data from January 1, 2026.
• United Kingdom: the FCA's new cryptoasset regime is set to begin on October 25, 2027, following legislation in February 2026. Until then, UK crypto firms mainly register for anti-money-laundering purposes.
• Hong Kong: a licensing regime for fiat-referenced stablecoin issuers took effect on August 1, 2025.

If you travel or move abroad, the services available to you can change with your residence.

What changed recently: timeline

What it means for regular users

• Use licensed platforms. Check that an exchange is registered with FinCEN and licensed in your state, such as through New York DFS or California DFPI. Our exchange reviews list where to look.
• Know what protects you, and what doesn't. Stablecoin reserve rules arrive with the GENIUS Act, but crypto is not FDIC-insured, and there is still no federal licensing regime for spot crypto exchanges.
• Expect more mainstream access. Banks, brokerages and ETFs are adding crypto services, as covered in our TradFi and crypto guide. Fees, custody terms and protections vary.
• Treat agency positions as changeable. Staff statements, interpretations and executive orders can be reversed more easily than laws.
• Taxes haven't gone away. New broker reporting on Form 1099-DA makes accurate filing more important. Start with our crypto tax guide.
• Watch for scams that borrow regulatory language. Fraudsters often claim to be "SEC approved" or "government backed." Regulators do not endorse tokens.

Updated October 4, 2026 by The Crypto Guide editorial team. Educational content, not financial, legal or tax advice. Spot an error? Request a correction.