United States
Region: north-americalegal
The United States has one of the most complex and fragmented crypto regulatory landscapes globally. Multiple agencies share jurisdiction: the SEC governs crypto securities, the CFTC oversees crypto derivatives and commodities, FinCEN enforces AML/KYC for exchanges, and the OCC regulates national bank crypto custody. The 2024 FIT21 Act passed the House, signaling movement toward a unified framework.
Regulatory Framework
Trading & ownership
Legal. Retail trading is permitted on registered exchanges. Classification of assets as securities (SEC) vs. commodities (CFTC) is still actively contested.
Payments & Commerce
Permitted. No federal prohibition on accepting crypto as payment; merchants must report fair market value for tax purposes.
Mining Operations
Legal. No federal prohibition; subject to state-level electricity regulations and environmental rules. Some states (e.g., Texas, Kentucky) actively court miners with cheap power.
Exchange Licensing & AML/KYC
Exchanges must register with FinCEN as Money Services Businesses (MSBs) and comply with state-by-state Money Transmitter License (MTL) requirements. Some states like New York require a BitLicense. KYC: Mandatory for all registered MSBs and exchanges under Bank Secrecy Act requirements enforced by FinCEN.. AML: Full AML/CFT compliance required under Bank Secrecy Act, USA PATRIOT Act, and Travel Rule for transactions above ,000.
Taxation
Capital Gains Tax
Crypto is taxed as property. Short-term gains (held < 1 year) taxed as ordinary income (10–37%). Long-term gains (held > 1 year) taxed at 0%, 15%, or 20%.
Income Tax (Staking/Mining)
Mining, staking rewards, and crypto received as compensation are taxable as ordinary income at fair market value on date of receipt.
VAT & Sales Tax
No federal VAT. Sales tax may apply in some states when crypto is used to purchase goods/services.