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 trackerSEC Approves NYSE Arca Listing of T. Rowe Price Active Crypto ETF
The SEC has approved a proposed rule change allowing NYSE Arca to list and trade shares of the T. Rowe Price Active Crypto ETF as a Commodity-Based Trust Share under NYSE Arca Rule 8.201-E. This expands the universe of SEC-approved crypto investment products available to retail and institutional investors. Compliance officers at broker-dealers, custodians, and exchanges supporting ETF distribution or custody should assess whether their AML, KYC, and product onboarding frameworks cover this new product.
NYSE Arca Seeks Extended Review Period for Commodity-Based Trust Share Listing Standards
The SEC has designated a longer review period for NYSE Arca's proposed rule change that would amend the generic listing standards for commodity-based trust shares under Rule 8.201-E. These listing standards govern products such as spot Bitcoin and digital-asset ETFs, making this directly relevant to compliance teams supporting exchange-listed crypto products. The extended timeline signals continued regulatory scrutiny of how digital-asset trust products are listed and governed.
Nasdaq Proposes Updated Generic Listing Standards for Commodity-Based Trust Shares
Nasdaq has filed Amendment No. 1 to a proposed rule change that would modify the generic listing standards for commodity-based trust shares under Rule 5711(d), with the SEC designating a longer review period. This is relevant to crypto compliance teams because commodity-based trust shares are frequently used as the vehicle for spot Bitcoin and other digital-asset ETFs, and changes to listing standards can affect how such products are structured, disclosed, and traded.
Cboe Amends Fee Schedule for Bitcoin ETF Index Options
Cboe Exchange has filed an immediately effective rule change updating transaction fees for its Bitcoin U.S. ETF Index Options (CBTX) and Mini Bitcoin U.S. ETF Index Options (MBTX). Compliance officers at broker-dealers and exchanges offering Bitcoin ETF-linked derivatives should note that fee structure changes can affect client disclosures, best-execution analysis, and product documentation.
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.
OFAC Adds New Individuals/Entities to SDN Blocked Persons List
OFAC has designated one or more persons to the Specially Designated Nationals (SDN) List, blocking all U.S.-jurisdictional property and prohibiting U.S. persons from transacting with them. Crypto and fintech firms must screen customers, counterparties, and wallet addresses against the updated SDN List immediately, as facilitating transactions with blocked persons exposes firms to significant civil and criminal liability.
OCC Proposes New Reporting Forms for Payment Stablecoin Issuers
The OCC is proposing a new set of weekly and quarterly reporting forms specifically for permitted payment stablecoin issuers—including foreign issuers—under its jurisdiction, and is seeking a new OMB control number for this collection. This signals that the OCC is building out a formal, ongoing supervisory data infrastructure for stablecoin issuers, which will impose regular disclosure and reporting obligations on covered entities. Compliance officers at stablecoin issuers or institutions considering a stablecoin charter should treat this as an early indicator of the reporting burden they will face.
OCC Revises Its Licensing Manual Information Collection Requirements
The OCC is soliciting public comment on a revision to the information collection associated with its Licensing Manual, which governs applications and filings for national bank charters and related approvals. For crypto firms, fintechs, and trust companies pursuing OCC charters or special-purpose licenses, changes to the Licensing Manual directly affect the documentation and process requirements they must satisfy. Staying current with any revisions is essential for institutions actively exploring or pursuing federal licensing pathways.
Joint Final Rule Sets Common Data Standards for Financial Regulatory Reporting
Eight federal financial regulators, including the OCC, Fed, FDIC, SEC, and CFTC, have issued a joint final rule implementing the Financial Data Transparency Act of 2022, establishing standardized data formats for regulatory reporting submissions. Firms subject to reporting obligations across multiple regulators will need to align their data infrastructure and reporting pipelines to the new interoperability standards. This affects any regulated entity that files supervisory data with participating agencies.
OCC Proposes Weekly & Quarterly Reporting Forms for Stablecoin Issuers Under GENIUS Act
The OCC is seeking public comment on proposed weekly and quarterly reporting forms that permitted payment stablecoin issuers and foreign stablecoin issuers registered with the OCC under the GENIUS Act will be required to complete. This is an early but critical step in the GENIUS Act supervisory framework, and stablecoin issuers operating under OCC jurisdiction need to understand their forthcoming reporting obligations. Comments are due within 60 days of Federal Register publication.
OFAC Publishes List of Medical Devices Requiring Special Authorization for North Korea Exports
OFAC has published a list of medical devices that are excluded from the general license permitting certain humanitarian exports to North Korea, meaning these specific items require individual authorization. While narrow in scope, compliance teams at firms handling any trade finance, payments, or cross-border transfers involving North Korea-related humanitarian transactions should be aware of these carve-outs. This is relevant to any institution that processes payments or financing for humanitarian aid programs touching North Korea.
OFAC Publishes Venezuela General Licenses 5U and 5V in Federal Register
OFAC has formally published General Licenses 5U and 5V under the Venezuela Sanctions Regulations, which were previously available only on OFAC's website. These licenses authorize certain transactions that would otherwise be prohibited under Venezuela sanctions. Firms handling payments, crypto transactions, or financial services with any Venezuela nexus should review these GLs to understand the scope of permitted activity.
OFAC Formally Publishes Two New Iran General Licenses (U and V)
OFAC has published Iran-related General Licenses U and V in the Federal Register, formalizing authorizations that were previously posted only on OFAC's website. These GLs define specific categories of transactions that are permitted notwithstanding Iran sanctions. All firms subject to Iran sanctions obligations — including crypto exchanges, payment processors, and banks — should review the scope of GLs U and V to understand what, if any, transactions are now explicitly authorized.
OFAC Publishes General License 11 for ICC-Related Sanctions
OFAC has formally published General License 11 under the International Criminal Court-Related Sanctions Regulations, which was previously available only on its website. Publishing GLs in the Federal Register makes them part of the official regulatory record and may affect how firms document compliance with sanctions screening obligations. Compliance teams should update their sanctions program documentation to reference the formally published version of GL 11.
OFAC Publishes Cyber-Related Sanctions General License 2 in Federal Register
OFAC has formally published General License 2 under the Cyber-Related Sanctions Regulations, which was previously available only on OFAC's website. This GL authorizes certain activities that would otherwise be prohibited under the cyber-related sanctions program, and its Federal Register publication provides official legal notice. Crypto firms, exchanges, and cybersecurity-adjacent fintech companies operating near sanctioned cyber actors should review the GL's scope and conditions to confirm any reliance on it is permissible.
OFAC Publishes Venezuela General Licenses 48A and 49A in Federal Register
OFAC has formally published General Licenses 48A and 49A under the Venezuela Sanctions Regulations, which were previously available only on OFAC's website. Formalizing these GLs in the Federal Register makes them part of the binding regulatory record. Compliance officers at institutions with any Venezuela-related exposure should review these licenses to confirm their transaction monitoring and sanctions screening remain aligned with the latest authorized activities.
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