Regulation
How the regulatory environment for crypto is evolving across four jurisdictions. Acts and frameworks below show their current status. Updated as changes happen.
Crypto is achieving four clarities simultaneously across legislation, regulatory, accounting, and infrastructure.
GENIUS Act
ActiveFederal stablecoin legislation establishing payment-stablecoin issuer requirements, reserves, and oversight.
CLARITY Act
PendingMarket structure bill defining jurisdictional split between SEC and CFTC for digital asset commodities and securities.
FIT21
PendingFinancial Innovation and Technology for the 21st Century Act. Earlier market-structure bill, effectively superseded by CLARITY in the new Congress.
BITCOIN Act
PendingStrategic Bitcoin reserve bill (Lummis). Proposes federal acquisition and custody of Bitcoin as a reserve asset.
SAB 121 Repeal
ImplementedRescission of SEC Staff Accounting Bulletin 121, which had required custodians to hold customer crypto on balance sheet. Replaced by SAB 122.
Executive Order 14178
ImplementedStrengthening American Leadership in Digital Financial Technology. Created the President's Working Group on Digital Asset Markets and prohibited a U.S. CBDC.