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 trackerKalshiEX Proposes Listing Standards for Security Futures Products
KalshiEX LLC, a prediction market exchange, has filed a proposed rule change with the SEC establishing listing standards for security futures products. This is relevant to compliance officers tracking how non-traditional trading venues are expanding into regulated securities and futures territory, which carries implications for product eligibility, customer disclosures, and applicable regulatory obligations.
Coinbase Derivatives Files Rules for Cash-Settled Futures on Stocks and ETFs
Coinbase Derivatives, LLC has filed new rules with the SEC covering cash-settled futures on individual equities and ETFs, including perpetual single-stock futures. Compliance officers at crypto-adjacent broker-dealers and exchanges should monitor this development as it signals expanding regulated derivatives offerings from a major crypto platform, with implications for customer margin, product disclosures, and applicable futures/securities rules.
Bitnomial Exchange Proposes Security Futures Listing and Margin Rules
Bitnomial Exchange, LLC has filed a proposed rule change with the SEC covering security futures product listing standards and customer margin requirements. As a crypto-native exchange expanding into regulated security futures, this filing is relevant for compliance teams tracking how digital asset venues are building out their regulated derivatives frameworks and associated customer protection rules.
SEC Grants Temporary Relief for Tokenized Stock Trading Venues and Liquidity Providers
The SEC has issued a temporary conditional exemption allowing certain distributed ledger-based trading venues to operate tokenized NMS stocks without being classified as a registered 'Exchange,' and permitting certain liquidity providers in those markets to avoid the 'Dealer' definition. This is a significant development for firms building or participating in tokenized securities platforms, as it signals the SEC is actively shaping the regulatory perimeter for on-chain capital markets. Compliance officers at firms handling tokenized securities should monitor the accompanying request for comment to understand the conditions attached and the direction of future rulemaking.
SEC Extends Review of VanEck JitoSOL (Solana Staking) ETF Listing
The SEC has designated a longer review period before deciding whether to approve or disapprove Nasdaq's proposal to list and trade shares of the VanEck JitoSOL ETF, a commodity-based trust tied to a Solana liquid staking token. This signals continued regulatory scrutiny of crypto-asset ETF products, particularly those involving staking mechanics. Compliance officers at exchanges and custodians supporting digital asset ETFs should monitor this proceeding as it may set precedent for how staking-based crypto products are classified and regulated.
Bitnomial Exchange Registers with SEC as National Securities Exchange
The SEC has acknowledged receipt of Bitnomial Exchange LLC's notice of registration as a national securities exchange under the Securities Exchange Act of 1934. This signals expanding regulated infrastructure for crypto derivatives trading, which compliance officers should monitor as it may affect where digital asset products can be listed and traded under securities law. Firms routing or clearing crypto derivatives should assess whether their counterparty or venue relationships are affected.
KalshiEX Registers with SEC as National Securities Exchange
The SEC has acknowledged KalshiEX LLC's notice of registration as a national securities exchange under the Securities Exchange Act of 1934. KalshiEX operates a prediction/event contracts marketplace, and its registration as a securities exchange may have downstream implications for how similar products are regulated. Compliance officers at fintechs and exchanges offering event contracts or derivatives should monitor this development closely.
Coinbase Derivatives Registers with SEC as National Securities Exchange
The SEC has acknowledged Coinbase Derivatives LLC's notice of registration as a national securities exchange under the Securities Exchange Act of 1934. This is a significant development for the crypto industry, as it expands the regulated exchange infrastructure for crypto derivatives under the securities law framework. Compliance officers at exchanges, custodians, and broker-dealers should monitor this registration for implications on product offerings, counterparty relationships, and regulatory obligations.
SEC Proposes Modernized Rules for Registered Transfer Agents
The SEC is proposing to overhaul the regulatory framework governing registered transfer agents, including new rules, amendments to existing rules, and updates to registration and reporting forms (Form TA-1 and Form TA-2). Crypto and fintech firms that act as — or rely on — transfer agents for digital securities should pay close attention, as modernized rules could reshape recordkeeping, operational, and compliance obligations in that space. Trust companies and broker-dealers involved in securities processing may also face updated requirements.
SEC Proposes New Crypto Asset Offering Exemptions and Security Safe Harbor
The SEC is proposing 'Regulation Crypto Assets,' which would create two new exemptions from securities registration — one for offerings up to $5 million over four years and another for offerings up to $75 million per year — with principles-based disclosure requirements for issuers. Critically, the proposal also includes a conditional safe harbor that could allow certain crypto assets to be deemed not to involve an investment contract, potentially removing them from the definition of 'security.' Crypto exchanges, token issuers, broker-dealers, and legal/compliance teams need to evaluate how these exemptions and the safe harbor conditions interact with their current token listing and offering practices.
SEC Reviews Proposed 3x Leveraged Bitcoin & Ether ETF Listings on Cboe BZX
Cboe BZX has filed a proposed rule change to list and trade shares of leveraged 3x Bitcoin and 3x Ether ETFs (alongside commodity ETFs) as Commodity-Based Trust Shares. This signals continued regulatory activity around crypto-linked exchange-traded products, which compliance officers at exchanges, broker-dealers, and custodians should monitor for new product onboarding, KYC, and AML obligations as these products move toward approval.
SEC Publishes Chairman's Regulatory Flexibility Agenda for Upcoming Rulemakings
The SEC has published its Chairman's rulemaking agenda under the Regulatory Flexibility Act, signaling the agency's near- and long-term regulatory priorities. Crypto exchanges, broker-dealers, and other SEC-regulated entities should monitor this agenda to anticipate forthcoming rules affecting digital assets, custody, and securities market structure.
SEC Corrects Approval Order for Nasdaq Bitcoin Index Options Listing
The SEC is issuing a correction to its previously published approval order allowing Nasdaq PHLX to list and trade Bitcoin Index Options. While the correction addresses a document error rather than a substantive rule change, compliance officers at broker-dealers and exchanges offering or planning to offer Bitcoin-linked options products should verify their understanding of the approved rule parameters. This keeps the regulatory framework for Bitcoin index options products in focus for affected firms.
Cboe Amends Transaction Fees for Bitcoin U.S. ETF Index Options Products
Cboe Exchange has filed an immediately effective rule change updating the standard transaction fees for its Bitcoin U.S. ETF Index Options (CBTX) and Mini Bitcoin U.S. ETF Index Options (MBTX) products. Broker-dealers and trading firms active in Bitcoin ETF options markets should review the updated fee schedule to ensure accurate cost modeling and client disclosures. While not a compliance mandate, fee changes on regulated crypto-linked derivatives products are relevant to firms managing best-execution obligations.
SEC Reviews Approval of Nasdaq Bitcoin Index Options Listing
The SEC has granted a petition for review of the order that approved Nasdaq PHLX's Bitcoin Index Options listing, meaning the Commission will take a closer look at whether the product was appropriately approved. This signals continued regulatory scrutiny of crypto-linked derivatives and could affect the availability or structure of Bitcoin options products that broker-dealers and exchanges offer to clients.
SEC Approves Cboe Rule Change for Commodity-Based Trust Shares
The SEC has granted accelerated approval to a Cboe BZX Exchange rule change amending its standards for Commodity-Based Trust Shares, a category that encompasses crypto asset ETPs such as Bitcoin and Ether trusts. Compliance officers at firms listing, trading, or custodying such products should monitor how updated exchange listing rules may affect product eligibility and ongoing compliance obligations.
SEC Approves Options Listing Rules for Multi-Crypto Asset Trust Products
The SEC has granted accelerated approval to MEMX LLC's rule change establishing listing criteria and withdrawal standards for options on commodity-based trusts that hold multiple crypto assets. This signals continued regulatory acceptance of listed derivatives tied to diversified crypto asset products. Broker-dealers and exchanges offering or planning to offer crypto-linked options products should take note of the new listing and delisting standards.
NYSE Arca Raises Position and Exercise Limits for Bitcoin ETF Options
NYSE Arca filed and immediately put into effect a rule change increasing the position and exercise limits for options on the iShares Bitcoin Trust ETF. Higher limits expand the size of positions market participants can hold or exercise, which may affect market risk and hedging activity around Bitcoin ETF products. Broker-dealers and trading desks active in crypto-linked derivatives should review their risk and compliance frameworks accordingly.
NYSE American Proposes Higher Position Limits for Bitcoin ETF Options
NYSE American has filed an immediately effective rule change to increase position and exercise limits for options on the iShares Bitcoin Trust ETF, signaling growing institutional appetite for Bitcoin-linked derivatives. Broker-dealers and trading firms offering or clearing these options products need to update their position limit controls and margin calculations accordingly. This also reflects the broader regulatory normalization of Bitcoin ETF products in traditional market structure.
SEC Civil Penalty Amounts Frozen — No 2026 Inflation Adjustment
The SEC has announced that, per OMB guidance, civil monetary penalties under key securities laws (Securities Act, Exchange Act, Investment Company Act, Advisers Act, Sarbanes-Oxley) will not be adjusted for inflation in 2026. The penalty maximums set in January 2025 remain in effect for all violations occurring after November 2, 2015. Broker-dealers, RIAs, and crypto firms registered with or subject to SEC jurisdiction should note that penalty exposure levels are unchanged heading into 2026.
SEC Seeks Public Comment on ETFs Holding Novel Assets Like Crypto
The SEC is requesting public comment on ETFs that invest in innovative or novel asset classes — a category that includes crypto and digital assets — and new investment strategies, aiming to balance investor protection with market innovation. Compliance officers at firms involved in digital asset ETFs or considering such products should monitor this closely, as SEC feedback may shape future registration, disclosure, and structural requirements. Responses submitted now could influence the regulatory framework governing crypto ETF structures.
SEC & CFTC Seek Input on Overhauling Swap Data Reporting Rules
This is the SEC-side publication of the same joint CFTC/SEC request for comment on redesigning swap and security-based swap data reporting requirements. Crypto exchanges and broker-dealers offering digital asset derivatives should track this rulemaking closely as it could reshape trade reporting obligations. The comment period represents an opportunity to influence how crypto-linked instruments are treated.
SEC & CFTC Seek Comment on Clearer Rules for Innovative Swap Products
This is the SEC-side publication of the joint CFTC/SEC request for comment on clarifying the definitions of 'swap' and 'security-based swap' for novel financial products, including alternative compliance approaches. Digital asset products that straddle the SEC/CFTC boundary — such as crypto perpetuals or tokenized derivatives — are directly implicated. Clearer lines could significantly affect how crypto firms register and comply.
SEC Opens Review of VanEck JitoSOL (Solana Staking) ETF Listing on Nasdaq
The SEC has opened formal proceedings to determine whether to approve or disapprove Nasdaq's proposal to list and trade shares of the VanEck JitoSOL ETF, a commodity-based trust tied to a Solana liquid staking token. This signals the SEC is subjecting staking-based crypto ETF structures to heightened scrutiny, beyond standard Bitcoin/Ethereum spot ETF precedents. Compliance officers at exchanges, custodians, and broker-dealers should monitor this closely as it may shape how staked digital asset products are classified and regulated.
SEC Approves Pilot to Trade Tokenized Securities on 24X National Exchange
24X National Exchange filed a rule change — effective immediately — to allow securities to be traded in tokenized form during a pilot program operated by the Depository Trust Company. This is a significant structural development for firms dealing in digital asset securities, as it signals a regulated pathway for tokenized equities on a national exchange. Compliance officers at broker-dealers, exchanges, and custody providers should monitor how AML, KYC, and settlement obligations will apply to tokenized security transactions under this pilot.
SEC 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.
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.
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.
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.
SEC Reviews Listing Rules for Options on Multi-Crypto Asset Trust ETFs
MEMX LLC has filed a proposed rule change to establish listing criteria and withdrawal standards specifically for options on commodity-based trusts that hold multiple crypto assets. This signals continued regulatory infrastructure development around crypto ETF derivatives products. Compliance officers at exchanges, custodians, and broker-dealers should monitor this filing as it may expand the range of listed crypto-linked derivatives products and affect product approval, risk, and AML/KYC program scope.
SEC Approves Higher Position Limits for Bitcoin ETF Options on Cboe
Cboe Exchange has filed a rule change—effective immediately—to increase the position and exercise limits for options on the iShares Bitcoin Trust ETF. Higher position limits expand the scale at which institutional and retail participants can trade Bitcoin ETF derivatives, potentially increasing transaction volumes and associated AML/KYC monitoring obligations for brokers and clearing firms. Compliance teams at broker-dealers and exchanges should reassess whether their surveillance thresholds and large-trader reporting processes remain calibrated for the new limits.
SEC Approves Options Listing Rules for Multi-Crypto Asset Trust Products
The SEC approved rule changes at MIAX exchanges establishing listing criteria for options on commodity-based trusts that hold multiple crypto assets, expanding the regulated derivatives ecosystem for crypto products. This is significant because it signals the SEC's willingness to approve exchange-listed options on diversified crypto trust structures, not just single-asset products. Compliance officers at broker-dealers, exchanges, and custodians handling crypto-linked structured products should assess whether their AML programs, customer suitability frameworks, and custody arrangements are adequate for these new instrument types.
SEC Approves Nasdaq Listing of iShares Bitcoin Premium Income ETF
The SEC granted accelerated approval for Nasdaq to list and trade shares of the iShares Bitcoin Premium Income ETF under its commodity-based trust shares rule. This expansion of spot Bitcoin ETF product offerings signals continued regulatory acceptance of Bitcoin-linked investment products and may affect compliance obligations for broker-dealers and custodians servicing these products.
SEC Grants Paxos Temporary Registration as a Clearing Agency
The SEC has granted Paxos Securities Settlement Company, LLC temporary registration as a clearing agency under the Securities Exchange Act of 1934, marking a significant step toward blockchain-based securities settlement entering the regulated clearing infrastructure. While the official summary is limited, this signals the SEC is willing to bring crypto-native settlement firms into the traditional regulatory perimeter. Compliance officers at broker-dealers, crypto custodians, and exchanges should note this development as it may affect counterparty risk assessments and future settlement obligations.
SEC Extends Review Period for T. Rowe Price Active Crypto ETF Listing
The SEC has designated a longer review period before deciding whether to approve or disapprove NYSE Arca's proposal to list and trade shares of the T. Rowe Price Active Crypto ETF. This signals continued regulatory scrutiny of actively managed crypto exchange-traded products. Compliance officers at broker-dealers, custodians, and exchanges should monitor the outcome, as approval would expand the universe of regulated crypto investment products available to retail investors.
SEC Approves Nasdaq Bitcoin Index Options Listing on Nasdaq PHLX
The SEC has granted accelerated approval for Nasdaq PHLX to list and trade Nasdaq Bitcoin Index Options, as modified by Amendment No. 1. This expands the regulated derivatives landscape for Bitcoin, creating new compliance obligations around suitability, margin, and AML screening for broker-dealers and clearing firms that handle these products. Firms offering or clearing these options will need to ensure their compliance frameworks cover this new instrument class.
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