US crypto & fintech regulation, in plain English
Every major rule from FinCEN, OCC, OFAC, the SEC and CFTC — explained, with who it affects and what to do. Free, always current, no signup.
Major rule trackers
The GENIUS Act: federal rules for payment stablecoins
Signed into law — illicit-finance rules being finalized (expected mid-2026)
The first major U.S. digital-asset law. It creates a federal licensing and supervision regime for payment-stablecoin issuers: 1:1 reserves in cash or short-dated Treasuries, bank-like safety-and-soundness standards, and full BSA/AML obligations. Treasury, FinCEN, and OFAC are now writing the implementing rules.
Open trackerU.S. Congress · SEC · CFTCThe CLARITY Act: who regulates crypto — the SEC or the CFTC?
Advancing through Congress — joint SEC/CFTC guidance already issued
The market-structure bill that aims to end the SEC-vs-CFTC turf war over crypto. It sets statutory rules for when a digital asset is a security (SEC) versus a digital commodity (CFTC), replacing years of enforcement-by-litigation with a defined regulatory perimeter.
Open trackerCFTC & SEC Seek Input on Overhauling Swap Data Reporting Rules
The CFTC and SEC are jointly requesting public comment on potential changes to how swap and security-based swap data must be reported. Crypto derivatives and tokenized swap products may fall within scope, making this relevant to exchanges and broker-dealers dealing in digital asset derivatives. Compliance officers should monitor whether proposed changes affect reporting obligations for crypto-linked swaps.
CFTC & SEC Ask How to Clarify 'Swap' Definition for Innovative Products
The CFTC and SEC are seeking comment on how to draw clearer regulatory lines between swaps and security-based swaps, particularly for innovative products that may implicate both agencies' jurisdiction. This is directly relevant to crypto firms offering derivative or hybrid digital asset products that could be classified as swaps or securities. The request also covers alternative compliance pathways, which could benefit crypto-native firms.
CFTC Seeks Input on Rules That May Block Fintech Firms From Market Access
The CFTC is issuing a Request for Information under Executive Order 14405 to identify its regulations, guidance, no-action letters, and other items that may unnecessarily prevent fintech firms from partnering with CFTC-regulated intermediaries (FCMs, swap dealers, DCMs, etc.) or from obtaining CFTC registrations. Crypto and fintech firms that interact with derivatives markets—or that aspire to register with or partner with CFTC-regulated entities—have a rare opportunity to flag specific regulatory barriers. Comments submitted now can directly shape rule amendments and streamlined registration pathways.
CFTC Proposes Updates to Whistleblower Award Rules for Greater Transparency
The CFTC is proposing amendments to its whistleblower award rules to make claims processing more efficient, transparent, and predictable, modeled on the SEC's existing approach. The changes are designed to strengthen incentives for individuals to report CEA violations, which could increase the volume and quality of tips received by the agency about crypto and derivatives misconduct. Compliance officers should note that a more robust whistleblower program raises the stakes for internal compliance gaps that could be reported externally.
CFTC Proposes Rules Clarifying Which Prediction Market Contracts Are Banned
The CFTC is proposing amendments to define more precisely which event contract derivatives (prediction markets) can be blocked from trading or clearing as contrary to the public interest, including a new definition of 'gaming' and factors for making that determination. Crypto exchanges and DeFi platforms that offer or plan to offer prediction market products need to assess whether their offerings could be swept in under the proposed factors. This rulemaking signals increased regulatory scrutiny of on-chain and off-chain prediction markets.
CFTC Drops 'No-Deny' Settlement Policy in Enforcement Cases
The CFTC has rescinded a longstanding policy that effectively prevented respondents and defendants from denying the allegations in a settlement after the fact. This change gives settling parties more flexibility to contest facts publicly following resolution of CFTC enforcement actions. Compliance officers should understand that CFTC settlements may now carry less implicit factual finality, which could affect how enforcement outcomes are interpreted in due diligence and vendor risk assessments.
CFTC Greenlights Bitcoin Perpetual Contracts on Regulated Exchanges
The CFTC issued a policy statement clarifying how perpetual contracts — a product type common in crypto markets — can be listed on designated contract markets (DCMs), and simultaneously issued an order permitting a bitcoin spot-price perpetual contract to be listed as a futures contract. Additional perpetual contracts referencing other asset classes will be reviewed on a case-by-case basis under existing CFTC regulations. Compliance officers at crypto exchanges and custodians should note this signals formal regulatory acceptance of perpetual contracts within the CFTC-regulated futures framework, which carries associated AML, reporting, and customer protection obligations.
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