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 trackerFinCEN Extends Comment Period on Huione Group Money Laundering Designation
FinCEN is extending the comment period on its proposed rulemaking to expand the Huione Group designation — a foreign financial institution named a primary money laundering concern — to include H-Pay Service PLC and to define the term 'successor entity.' The extension was caused by a technical issue with the filing portal. Compliance officers should be aware that this rulemaking could impose Section 311 special measures on Huione-related entities, affecting any U.S. firm that might interact with them.
FinCEN Proposes Expanding Huione Group Designation to Cover H-Pay Service PLC
FinCEN is proposing to expand the existing Section 311 designation of Huione Group — already identified as a primary money laundering concern — to explicitly include H-Pay Service PLC and introduce a 'successor entity' definition, preventing the group from evading restrictions by rebranding. The existing special measure prohibiting U.S. financial institutions from maintaining correspondent or payable-through accounts for Huione Group remains in force. Any firm that processes crypto or fiat payments must screen for H-Pay Service PLC and future successor entities named under this action.
Proposed Rule: Stablecoin Issuers Must Have BSA-Compliant Customer ID Programs
FinCEN, OCC, the Federal Reserve, FDIC, and NCUA are jointly proposing a rule under the GENIUS Act that would formally classify permitted payment stablecoin issuers as 'financial institutions' under the Bank Secrecy Act and require them to maintain a Customer Identification Program (CIP). This means stablecoin issuers would face the same KYC/AML obligations as banks and MSBs, including identity verification at onboarding. Any firm issuing, managing, or providing custody or payment rails for payment stablecoins needs to assess whether it falls within the rule's scope and begin gap-analyzing its CIP infrastructure.
FinCEN Seeks Comments on MSB Registration Form 107 Renewal
FinCEN is inviting public comments on renewing — without change — the BSA requirement for money services businesses to register using FinCEN Form 107, renew that registration every two years, and maintain an agent list where applicable. While no rule changes are proposed, this is a timely reminder for MSBs (including many crypto firms that qualify as MSBs) to confirm their registration is current and their agent list is accurate, as lapses can trigger BSA violations.
FinCEN Amends CIBanco Special Measure to Allow Mexico Liquidation Payments
FinCEN is amending its prior order that designated CIBanco as a primary money laundering concern and prohibited certain fund transmittals involving the Mexican bank; the amendment carves out a narrow exception to allow transmittals necessary for the Mexican government to liquidate CIBanco. Firms that have ongoing correspondent or payment relationships touching CIBanco must understand that the general prohibition remains in effect, with only this limited government-liquidation exception now permitted.
FinCEN Proposes Sweeping Overhaul of AML/CFT Program Requirements
FinCEN is proposing to fundamentally reform BSA AML/CFT program requirements for all covered financial institutions, aiming to make programs more risk-based and outcomes-focused while enhancing FinCEN's own supervisory and enforcement role alongside federal banking regulators. This rulemaking, which implements the AML Act of 2020, would affect virtually every regulated entity — including crypto firms and fintechs — and could significantly change how AML programs are structured, documented, and examined. Compliance officers should review the proposal carefully and consider submitting comments to shape the final rule.
FinCEN & OFAC Propose AML and Sanctions Rules for Stablecoin Issuers Under GENIUS Act
FinCEN and OFAC are jointly proposing rules to implement the GENIUS Act, which would formally classify permitted payment stablecoin issuers (PPSIs) as financial institutions under the BSA, subjecting them to full AML/CFT program requirements and mandatory sanctions compliance programs. This is a landmark proposal for the stablecoin industry — issuers that have not yet built BSA-compliant AML programs and OFAC screening infrastructure will need to do so. Comments on the proposal are open, making this a critical window for stablecoin firms to influence the final compliance framework.
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