United States -- Regulatory Status Regulatory Overview
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RESEARCH: # RESEARCH: United States — Regulatory Status
Executive Summary
Regulatory Framework
- The United States regulatory environment is primarily governed by federal agencies such as the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), and the Financial Industry Regulatory Authority (FINRA), among others. Regulations.gov
- Agencies establish rules and regulations to ensure market integrity, protect investors, and maintain the stability of the financial system. An Overview of the U.S. Regulatory System
Licensing Requirements
- Financial services providers often require licenses from state and federal authorities, depending on the type of activity. For example, broker-dealers must register with FINRA and the SEC. Introduction to Financial Services: The Regulatory ...
- Licensing processes typically involve background checks, examinations, and ongoing compliance obligations. Understanding the U.S. Regulatory Environment for ...
AML/KYC Requirements
- Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations are enforced by agencies such as the Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC). Anti-Money Laundering and Countering the Financing of ...
- Compliance includes customer due diligence, transaction monitoring, and reporting suspicious activities. Anti-Money Laundering / Countering The Financing Of ...
Enforcement Actions
- Enforcement actions by regulatory bodies can include fines, cease-and-desist orders, and, in severe cases, criminal prosecution. Office of Public Affairs
Tax Treatment
- Tax treatment of regulatory activities varies based on the nature of the activity and applicable tax laws. The IRS provides guidance on tax implications for regulated entities. Where's My IRS Refund? Check your federal or state tax refund status Income Tax - United States Department of State
Key Gaps & Risks
- Gaps in regulatory oversight, particularly in emerging technologies like blockchain and decentralized finance (DeFi), pose significant risks to market stability and consumer protection.
- Risks include insufficient AML/KYC controls, potential for regulatory arbitrage, and challenges in harmonizing state and federal regulations. Statehood Process and Political Status of U.S. Territories REAL ID-compliant
Return the COMPLETE fixed document. Do not summarize or truncate.
Sources
- Regulations.gov
- An Overview of the U.S. Regulatory System
- Introduction to Financial Services: The Regulatory ...
- Understanding the U.S. Regulatory Environment for ...
- Anti-Money Laundering and Countering the Financing of ...
- Anti-Money Laundering / Countering The Financing Of ...
- Office of Public Affairs
- Where's My IRS Refund?
- Check your federal or state tax refund status
- Income Tax - United States Department of State
- Statehood Process and Political Status of U.S. Territories
- REAL ID-compliant
Source Data
Obtain money transmitter license from DBF if transmitting virtual currency.
Post surety bond (e.g., for cryptocurrency operations).
Comply with AML/KYC, reporting, and exemptions check.
No separate VASP license; standard LLC registration suffices if not transmitting. Apply via DBF: https://dbf.georgia.gov/money-services.
January 16, 2026: DBF issued final Cease and Desist Order to Virtual Assets LLC (dba Crypto Dispensers) for unlicensed virtual currency trading platform, violating O.C.G.A. § 7-1-681. Official: https://dbf.georgia.gov/press-releases/2026-01-16/order-cease-and-desist-issued-virtual-assets-llc-dba-crypto-dispensers.
Prior action: 2018 Cease and Desist to CampBX for unlicensed operations.
SB 305 (2025): Enacted law establishing registration and operating requirements for virtual currency kiosk operators, effective July 1, 2025, with operations starting January 1, 2026. Prohibits daily transaction limits ($2,000 new users/$10,500 experienced), fees over greater of $5 or 15% of amount, and mandates warnings/disclosures. OFR enforces with up to $1,000 civil penalties per willful violation. Details: https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/sb0305?ys=2025RS
SB 136 (2019): Authorizes corporations to maintain records on distributed electronic networks (blockchain). Details: https://freemanlaw.com/cryptocurrency/maryland-blockchain-legislation-status/
HB 454 (2025): Digital Asset and Blockchain Technology Task Force—failed/adjourned.
SB 759 (2026): Maryland Financial Innovation Act—prohibits certain state regulation of digital assets/staking (excluded from securities filings); hearing March 12, 2026, status "To Governor." Details: https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/sb0759?ys=2026RS
Maryland Financial Consumer Protection Act of 2018: Directed study of blockchain, crypto, ICOs, exchanges, and Fintech gaps.
Money transmitter license (Financial Institutions Code Ann. § 12-401, § 12-405): For fiat/virtual currency transmission; requires application, net worth, surety bond, AML program.
Virtual currency kiosks (SB 305): Register with OFR; transaction limits, fee caps, disclosures, fraud controls (e.g., blockchain analytics, risk monitoring).
January 13, 2026: OFR finalizes comprehensive kiosk rules (registration, consumer protections, fraud refunds/prevention). Details: https://www.jdsupra.com/legalnews/maryland-finalizes-comprehensive-rules-1142714/
Pre-2023 (noted in 2026 briefing): AG Securities Division cease-and-desist against major crypto firm for unregistered staking as securities.
April 22, 2025: Governor approves SB 305.
2026: SB 759 advances on digital asset deregulation; OFR briefing notes federal Genius Act impacts, state stablecoin certification needs by 2028.
H.B. 4200/S.B. 524 (2019/2020): Proposed including "virtual currency" in the unclaimed property act; referred to Judiciary Committee, no further action.1
2019/2020 Blockchain Legislation: Introduced the "South Carolina Blockchain Industry Empowerment Act" to allow tokenized shares, exempt "Open Blockchain Tokens" from securities/money transmission laws, and adopt a Financial Technology Sandbox Act; status unclear, no enactment confirmed.1
S.R. 1158 (2020): Adopted Senate Resolution acknowledging blockchain importance and promoting its development.1
S.B. 163 (S0163, introduced Jan. 14, 2025): Adds Chapter 47 to Title 34; prohibits government acceptance/requirement of central bank digital currencies (CBDCs), permits digital currency transactions, protects digital mining from discriminatory zoning/noise rules, and exempts miners from certain licenses.45
H.B. 4256 (2025): "Strategic Digital Assets Reserve Act" allows State Treasurer to invest up to 10% of certain reserves (e.g., General Fund) in Bitcoin/digital assets (capped at 1 million BTC theoretically); promotes donations and diversification against inflation; status pending.36
Recent proposed bill (early 2025, unnamed in source): Aims to regulate crypto payments, taxes, mining, and transactions; under discussion for frameworks and guardrails.2
2025 S.B. 163 and H.B. 4256 introductions for CBDC bans, mining protections, and state Bitcoin reserves.346
Early 2025 bill discussions on payments/taxes/mining.2
State Treasurer's ongoing Digital Assets Literacy Project.8 All bills remain pending; no 2024-2026 enactments noted.
HB 1 (signed February 26, 2019, Chapter 80): Updated Blockchain Task Force membership.
HB 70 (signed February 26, 2019, Chapter 94): Authorized secretary of state to implement blockchain commercial filing system.
HB 74 (signed February 26, 2019, Chapter 92): Created special purpose depository institutions (SPDI) banks for crypto custody, treating deposits as bailments.
HB 185 (signed February 26, 2019, Chapter 93): Allowed corporations to issue certificate tokens instead of stock certificates.
Money transmitter license required for virtual currency kiosks or transmission activities under the Wyoming Money Transmitters Act.
SPDI charters for crypto custody banks, limited to business entity depositors and compliant with federal laws.
General businesses benefit from no specific crypto license beyond transmission/custody, with digital assets treated as property under commercial laws.
March 6, 2026: Governor signed HB 0075, regulating virtual currency kiosks under money transmitter laws with confidentiality protections and immediate applicability; no specific enforcement actions noted.
August 29, 2025: Launched Frontier (FRNT) state stablecoin, enhancing crypto-friendliness.
Wyoming Money Transmitters Act/HB 0075: https://natlawreview.com/article/wyoming-establishes-licensing-framework-virtual-currency-kiosks
2019 Bills (HB 1, 70, 74, 185): https://freemanlaw.com/cryptocurrency/wyoming/
SF0076 (2023 digital assets): https://wyoleg.gov/Legislation/2023/SF0076
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References
This article was generated by local/granite4.1 .
Primary Sources
mgaleg.maryland.gov. (n.d.). mgaleg.maryland.gov. Retrieved April 12, 2026, from https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/sb0305?ys=2025RS[web:7
freemanlaw.com. (n.d.). freemanlaw.com. Retrieved April 12, 2026, from https://freemanlaw.com/cryptocurrency/maryland-blockchain-legislation-status/[6
mgaleg.maryland.gov. (n.d.). mgaleg.maryland.gov. Retrieved April 12, 2026, from https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/sb0759?ys=2026RS[8
regulations.gov. (n.d.). Regulations.gov. Retrieved September 6, 2026, from https://www.regulations.gov/
georgewbush-whitehouse.archives.gov. (n.d.). An Overview of the U.S. Regulatory System. Retrieved September 6, 2026, from https://georgewbush-whitehouse.archives.gov/omb/inforeg/pres_mgmt_regulatory_state.html
congress.gov. (n.d.). Introduction to Financial Services: The Regulatory .... Retrieved September 6, 2026, from https://www.congress.gov/crs-product/IF11065
trade.gov. (n.d.). Understanding the U.S. Regulatory Environment for .... Retrieved September 6, 2026, from https://www.trade.gov/feature-article/understanding-us-regulatory-environment-business-and-intellectual-property
2021-2025.state.gov. (n.d.). Anti-Money Laundering and Countering the Financing of .... Retrieved September 6, 2026, from https://2021-2025.state.gov/anti-money-laundering-and-countering-the-financing-of-terrorism/
fdic.gov. (n.d.). Anti-Money Laundering / Countering The Financing Of .... Retrieved September 6, 2026, from https://www.fdic.gov/banker-resource-center/anti-money-laundering-countering-financing-terrorism-amlcft
justice.gov. (n.d.). Office of Public Affairs. Retrieved September 6, 2026, from https://www.justice.gov/opa/pr/justice-department-issues-updated-letters-and-fact-sheet-about-professional-license
irs.gov. (n.d.). Where's My IRS Refund?. Retrieved September 6, 2026, from http://irs.gov/REFUNDS
usa.gov. (n.d.). Check your federal or state tax refund status. Retrieved September 6, 2026, from https://www.usa.gov/check-tax-status
state.gov. (n.d.). Income Tax - United States Department of State. Retrieved September 6, 2026, from https://www.state.gov/income-tax
congress.gov. (n.d.). Statehood Process and Political Status of U.S. Territories. Retrieved September 6, 2026, from https://www.congress.gov/crs-product/IF11792
dhs.gov. (n.d.). REAL ID-compliant. Retrieved September 6, 2026, from https://www.dhs.gov/archive/current-status-states-territories
Secondary Sources
dbf.georgia.gov. (n.d.). dbf.georgia.gov. Retrieved April 12, 2026, from https://dbf.georgia.gov/
moneytransmitterlaw.com. (n.d.). moneytransmitterlaw.com. Retrieved April 12, 2026, from https://moneytransmitterlaw.com/cryptocurrency-state-laws/georgia/.
dbf.georgia.gov. (n.d.). dbf.georgia.gov. Retrieved April 12, 2026, from https://dbf.georgia.gov/money-services.
dbf.georgia.gov. (n.d.). dbf.georgia.gov. Retrieved April 12, 2026, from https://dbf.georgia.gov/press-releases/2026-01-16/order-cease-and-desist-issued-virtual-assets-llc-dba-crypto-dispensers.
labor.maryland.gov. (n.d.). labor.maryland.gov. Retrieved April 12, 2026, from https://labor.maryland.gov/finance/industry/moneytran.shtml[web:1
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