DeFi protocol frontend in United States

SEC — regulates crypto assets that are securities and transactions in them, including broker-dealer and exchange registration under the Exchange Act. Its 17 March 2026 interpretation (Rel. 33-11412, 91 FR 13714) sets a token taxonomy of digital commodities, digital collectibles, digital tools, stablecoins and digital securities, and applies the Howey test to determine when a non-security crypto asset is subject to an investment contract.

CFTC — administers the Commodity Exchange Act for crypto assets that are commodities (the 17 March 2026 SEC interpretation, joined by the CFTC, lists Bitcoin and Ether as digital commodities), regulates crypto derivatives, holds anti-fraud and anti-manipulation authority over commodity spot markets (7 U.S.C. 9), and since 4 December 2025 has permitted listed spot crypto trading on CFTC-registered exchanges.

FinCEN — Treasury bureau (31 U.S.C. 310) that administers the Bank Secrecy Act: MSB registration on Form 107 within 180 days of establishment and every two years (31 CFR 1022.380), and the funds-transfer recordkeeping and travel rule for transmittals of $3,000 or more (31 CFR 1010.410(e)-(f)).

OFAC — administers U.S. economic sanctions, which apply to virtual currency transactions; on 15 October 2021 it published 'Sanctions Compliance Guidance for the Virtual Currency Industry'.

DOJ — prosecutes federal crimes involving crypto assets, including money laundering (18 U.S.C. 1956) and operating an unlicensed money transmitting business (18 U.S.C. 1960), as well as fraud and sanctions-evasion offences.

Bank Secrecy Act (Public Law 91-508, 1970; codified at 31 U.S.C. 5311 et seq.) is the federal AML/CFT statute. It requires reports and records useful in criminal, tax and regulatory investigations and requires money transmitting businesses to register with Treasury (31 U.S.C. 5330), implemented by FinCEN Form 107 within 180 days of establishment and renewal every two years (31 CFR 1022.380).

Securities Act of 1933 section 5 (15 U.S.C. 77e) prohibits offers and sales of securities without an effective registration statement or an exemption, and Securities Exchange Act of 1934 section 15 (15 U.S.C. 78o) requires brokers and dealers to register with the SEC. Their application to crypto assets is set out in the SEC interpretation of 17 March 2026 (Rel. 33-11412, 91 FR 13714), which the CFTC joined.

New York BitLicense (23 NYCRR Part 200) (2015) — NY-specific virtual currency business licensing

California DFAL (2025) — Digital Financial Assets Law — state crypto licensing

VASP: FinCEN MSB registration (immediate, Form 107) + state Money Transmitter Licenses in 49 states + DC (18-36 months for full coverage, $2M-$10M+ in bonds/fees). Montana is sole exemption.

EXCHANGE: MSB (FinCEN) + state MTLs + SEC broker-dealer/ATS registration if trading securities + CFTC registration (FCM/SD) if offering derivatives. NY BitLicense required for NY customers (12-24+ months, $2M+ capital).

Securities and Exchange Commission (SEC): Oversees digital assets deemed securities, including issuance and resale; issued a March 17, 2026, interpretation clarifying federal securities laws' application to crypto assets and transactions, stating most crypto assets are not securities.

Commodity Futures Trading Commission (CFTC): regulates commodities and derivatives under the Commodity Exchange Act; signed a Memorandum of Understanding with the SEC on 11 March 2026 to coordinate oversight and support lawful innovation (SEC PR 2026-26), and joined the SEC’s 17 March 2026 interpretation on crypto assets (Rel. 33-11412, 91 FR 13714), which the CFTC administers the CEA consistently with.

Financial Crimes Enforcement Network (FinCEN): administers the Bank Secrecy Act AML/CFT regime. Under FIN-2013-G001 (18 March 2013) an administrator or exchanger of convertible virtual currency is a money transmitter and therefore a money services business; FIN-2019-G001 (9 May 2019) consolidates that guidance and applies it to further CVC business models. Each MSB must register with FinCEN on Form 107 within 180 days of establishment and renew every two years (31 CFR 1022.380).

State regulators: Examples include California's DFPI (Digital Financial Assets Law effective July 1, 2026, requiring licenses with $100k/day penalties); New Jersey Department of Banking and Insurance; New York's NYDFS (BitLicense regime); Connecticut (money transmitter laws).

CFTC issued a cease and desist order against CryptoPulse Advisors, a decentralized finance (DeFi) platform, for offering leveraged retail commodity transactions in digital assets without registration. The order, published May 28, 2024, required immediate cessation of unregistered trading services and payment of a $75,000 civil monetary penalty. CFTC Press Release 8730-24

The 24-hour window shows a mixed enforcement landscape: while major U.S. securities and commodities regulators (SEC, CFTC) issued modest fines and cease-and-desist orders (totaling $325,000 combined), the DOJ’s indictment of a crypto mixer operator signals a continued focus on cryptocurrency-specific money laundering (privacy coins, chain-hopping) as distinct from generic cybercrime. This aligns with the broader 2024 trend where regulators increasingly target financial infrastructure rather than individual token issuers. CoinDesk Analysis, May 29, 2024