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 trackerFed Holds Civil Money Penalties Flat for 2026
The Federal Reserve has confirmed that its civil money penalty amounts will not increase for 2026, consistent with the Federal Civil Penalties Inflation Adjustment Act framework. While this is a status-quo outcome, compliance officers should note the current CMP ceiling remains in force and unchanged — meaning the cost calculus for any BSA/AML or other regulatory violations stays the same as the prior year.
Fed Proposes Updated AML/CFT Program Rules for Banks Under AML Act of 2020
The Federal Reserve is proposing to update AML/CFT program requirements for the banks it supervises, aligning with FinCEN's own proposed rulemaking and parallel proposals from the OCC, FDIC, and NCUA — all stemming from the Anti-Money Laundering Act of 2020. The rule would require supervised banks to maintain risk-based programs designed to identify, assess, and mitigate illicit finance risks and generate more useful information for law enforcement. Banks with crypto or fintech partnerships should pay close attention, as updated AML/CFT program standards will likely flow through to vendor and correspondent relationships.
Multi-Agency Final Rule Sets Common Data Standards for Financial Regulators
Nine federal financial regulators — including OCC, FDIC, CFTC, SEC, and Treasury — finalized a joint rule establishing interoperable data standards for regulatory reporting under the Financial Data Transparency Act of 2022. No reporting requirements change immediately; future rulemakings will incorporate these standards into specific collections. Compliance teams should track follow-on rulemakings, as this framework will eventually affect how regulated entities submit data to multiple agencies.
Fed Proposes New Framework for Special-Purpose Payment Accounts and Pauses Tier 3 Applications
The Federal Reserve is proposing a new Part IV to its Payment System Risk Policy to accommodate special-purpose Payment Accounts and is updating its Account Access Guidelines accordingly. Critically, the Fed is encouraging Reserve Banks to pause decisions on Tier 3 account requests—the category most likely to include fintechs, crypto firms, and non-depository payment companies—until this policy development is complete. Any institution currently in the Fed master account queue under Tier 3 should be aware their application may be on hold.
Fed Proposes No Interest on New Special-Purpose Payment Accounts
The Federal Reserve is proposing to create a new category of 'Payment Accounts'—special-purpose master accounts distinct from standard Fed accounts—and would explicitly exclude balances in these accounts from earning interest. This is directly relevant to fintechs, payment companies, and potentially crypto firms seeking Fed master account access, as it defines materially less favorable economic terms for this new account type. Compliance and treasury teams at institutions pursuing Fed account access should factor this into their business models.
Fed Proposes Blocking New Special-Purpose Payment Accounts from Discount Window
The Federal Reserve is proposing that holders of the new special-purpose Payment Accounts would be ineligible for discount window credit, cutting off a key liquidity backstop available to traditional depository institutions. This matters for fintechs, payment companies, and crypto-adjacent firms seeking Fed account access, as they would have fewer emergency liquidity options than conventional banks. Institutions evaluating a Fed master account strategy need to account for this liquidity limitation.
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