Crypto businesses should start by mapping their products and activities—not by assuming one new federal rule covers the whole industry. Whether a company issues or sells tokens, operates a trading venue, transmits or holds customer assets, offers staking, or issues a payment stablecoin can change which federal and state requirements need review. As of October 7, 2026, a federal securities-law interpretation is effective, while several proposed rules—including the SEC’s Regulation Crypto Assets proposal and proposed stablecoin requirements—are not final.
Start with the business activity, not the token label
A token’s name or marketing category does not settle its legal treatment. Analysis may turn on the asset’s characteristics and use, how it is distributed, what the issuer promises, and whether buyers are led to expect continuing managerial efforts. The same company may also face different obligations in its roles as issuer, exchange, custodian, transmitter, or software provider.
Build an inventory of each product and transaction, then record the business function, customer and geographic footprint, custody model, and any issuer or operator commitments involved. Use that inventory to route questions to securities, banking, anti-money-laundering, state-licensing, and tax specialists as appropriate. These categories organize a review; they do not determine a company’s legal status.
| Business activity to map | Questions for the review |
|---|---|
| Issuing, selling, or distributing a token | What rights and functions does the asset have? What promises accompany the offering, and what continuing managerial efforts are expected? |
| Operating a trading venue or exchange | What does the platform do in practice, and does it exchange, administer, transmit, or otherwise handle value for others? |
| Custody or transmission | Who controls the assets or keys? Are assets held or moved for customers, and where are those customers located? |
| Staking, mining, wrapping, or airdrops | What service or arrangement is offered, who performs it, and what claims are made to participants? |
| Issuing a payment stablecoin | Does the product and issuer fit the GENIUS Act’s defined terms, and which implementation requirements apply? |
| Digital-asset transactions and reporting | Which transactions does the business undertake, and what tax and information-reporting roles does it have? |
What the March 2026 securities interpretation changes—and what it does not
An SEC/CFTC interpretive release took effect on March 23, 2026. It organizes certain crypto assets into five categories—digital commodities, digital collectibles, digital tools, stablecoins, and digital securities—and addresses investment contracts, protocol mining and staking, staking receipt tokens, wrapping, and airdrops. It also describes how an asset may be connected to an investment contract and how that relationship may end. The release superseded the SEC staff’s 2019 digital-asset investment-contract framework.
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The release is an interpretation of the agencies’ views, not a replacement for binding precedent. The SEC states: “The interpretation in this release does not supersede or replace the Howey test, which is binding legal precedent.” A company should therefore assess both the asset and the particular transaction, including relevant promises and ongoing managerial efforts, rather than treat a category label as a safe harbor. Read the SEC/CFTC release.
The SEC’s Regulation Crypto Assets proposal is not an available exemption
Announced in August 2026, the SEC’s proposed Regulation Crypto Assets would establish tailored exemptions for certain investment-contract offerings involving crypto assets. The SEC describes two proposed offering thresholds:
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| Proposed exemption | Offering threshold described by the SEC | Other proposed requirements described |
|---|---|---|
| Smaller offering exemption | Up to $5 million over a four-year period | Narrative disclosures; additional conditions apply. |
| Larger offering exemption | Up to $75 million during each 12-month period | Narrative disclosures, financial statements, and ongoing reporting; additional conditions apply. |
These amounts and conditions are proposed terms, not blanket fundraising permissions or exemptions a business can currently rely on. The proposal also describes a conditional safe harbor and certain state-law preemption. As listed by the SEC, the comment deadline is October 20, 2026. A company considering an offering should have counsel assess existing requirements and monitor the proposal’s status rather than build a launch plan around proposed relief. SEC announcement · SEC proposal page.
Payment stablecoin issuers should track GENIUS Act implementation
The GENIUS Act establishes a federal framework for a defined category of payment stablecoins and permitted payment stablecoin issuers. Its treatment should not be generalized to every stablecoin: a business first needs to determine whether its product and issuer fit the statute’s definitions. The March 2026 SEC/CFTC release discussed qualifying payment stablecoins within the scope of that release and said the Act was not yet effective at that time.
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Implementation proposals followed in 2026:
- On April 8, FinCEN and OFAC announced a proposed rule addressing anti-money-laundering and sanctions-program requirements for permitted payment stablecoin issuers. FinCEN announcement.
- On June 18, FinCEN and federal banking agencies announced a separate proposed customer-identification-program rule. The agencies said the Act directs permitted payment stablecoin issuers to be treated as financial institutions under the Bank Secrecy Act and to maintain effective customer identification programs. FinCEN and agency announcement.
These announcements describe proposals, not final requirements. Issuers should track the proposals and the statute’s effective dates separately, and avoid treating a proposed rule’s details as settled.
Assess federal MSB obligations and state licensing separately
The Congressional Research Service’s April 1, 2025 overview says cryptocurrency exchanges generally must register as money services businesses (MSBs) with FinCEN and comply with Bank Secrecy Act anti-money-laundering and know-your-customer duties. It also describes the MSB framework as largely state-based and notes that it covers many nonbank businesses, including exchanges and crypto ATMs. This is a general overview, not a conclusion about every crypto company or product. Read the CRS overview.
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For a company-specific review, counsel should evaluate the actual activities—such as exchanging, transmitting, administering, or otherwise handling value for others—alongside customer locations, custody arrangements, and operating footprint. State requirements need jurisdiction-by-jurisdiction analysis. FinCEN registration should not be assumed to resolve state licensing obligations, and the available general overview does not establish which licenses a particular company needs.
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The IRS treats digital assets as property for federal income-tax purposes and applies general property transaction principles. Its definition includes cryptocurrency, stablecoins, and non-fungible tokens. The IRS FAQ points to rules for digital-asset transactions on or after January 1, 2025; that date identifies the transactions to which the cited rules apply, not a universal filing deadline. Businesses should determine their own transaction, tax, and information-return responsibilities with tax advisers. See the IRS digital-asset FAQ.
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Turn the mapping exercise into a compliance work plan
- Document the product and transaction flows. For each service, identify who issues assets, who controls keys or customer funds, how assets move, what the company promises, and which customer locations are served.
- Classify the questions, not just the products. Route securities and offering issues, potential MSB/BSA duties, stablecoin status, state licensing, and tax reporting to the relevant legal and compliance owners.
- Label each legal development by status. Record whether a requirement is effective, a statute awaiting an effective date, an agency interpretation, or a proposal. Include the source, date, responsible owner, next review date, and any business decision that depends on it.
- Maintain a state footprint review. Track where customers are located and where the business operates, and document counsel’s state-by-state conclusions for the activities actually offered.
- Set triggers for reassessment. Reopen the review when the product, custody model, token rights, distribution, customer geography, or applicable rule changes. Keep records of the assumptions used in each decision.
A practical monitoring list should include the effective SEC/CFTC interpretation, the status of the SEC’s proposed offering framework, GENIUS Act implementation and effective dates, state licensing conclusions, and IRS guidance relevant to the company’s transactions. Qualified U.S. counsel is necessary for determinations about a specific offering, registration obligation, stablecoin issuer status, or state license.
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