Who Controls US Crypto Regulation After CLARITY? Congress tried to write one rulebook for crypto. It didn't get there. On September 15, 2026, the Senate voted 49 to 50 on a motion to move the
Congress tried to write one rulebook for crypto. It didn't get there.
On September 15, 2026, the Senate voted 49 to 50 on a motion to move the CLARITY Act forward. Sixty votes were needed. So who regulates crypto in the US while the bill sits stalled? The answer is still a patchwork of agencies, each covering a different slice of the market.
This guide maps that patchwork as of October 1, 2026. It covers the SEC, CFTC, FinCEN, IRS, OFAC and state regulators, plus what could come next.
The Digital Asset Market Clarity Act (H.R. 3633) passed the House in 2025. It aimed to split crypto oversight between the SEC and the CFTC, and touched stablecoins, DeFi and crypto exchanges protections.
The September vote was procedural. Senators were deciding whether to proceed, not whether to pass the bill. Still, the result stalled it, and its future this session is uncertain.
Does that mean crypto is unregulated? No. Existing laws still apply, so who regulates crypto in the US still has real answers. What's missing is one statute that settles the boundaries. Regulators are filling gaps through proposals, exemptions and staff guidance instead.
Who regulates crypto in the US depends on the activity. Each agency sees crypto through its own legal lens.
The Securities and Exchange Commission focuses on investment contracts. Its March 2026 release said digital commodities, collectibles, tools and many stablecoins generally aren't securities on their own. Tokenized stocks and some token sales can be.
On August 18, 2026, the SEC proposed Regulation Crypto Assets. It would allow a startup exemption of up to $5 million over four years. A fundraising exemption would allow up to $75 million in 12 months. That's a proposal, not final law.
On September 17, the agency also issued a five-year conditional exemption for tokenized stock trading venues.
The Commodity Futures Trading Commission oversees derivatives such as futures. It has long treated Bitcoin as a commodity.
On September 17, CFTC staff gave conditional no-action relief to passive software providers that connect users to registered derivatives markets. A wider crypto rulemaking was also sent for White House review. As of September 23, it was still pending.
The Financial Crimes Enforcement Network enforces the Bank Secrecy Act. Businesses that move money for customers, including many exchanges, generally register as money services businesses. They run anti-money laundering programs and file suspicious activity reports.
The IRS treats crypto as property for tax purposes. Selling, swapping or spending it can create a taxable gain or loss. Its IRS digital asset guidance explains the reporting side.
OFAC, part of the Treasury Department, enforces sanctions. Those rules reach crypto transfers too.
The split often starts with one question. Is the token a security or a commodity?
Security: value depends on a team's promised efforts. The SEC leads.
Commodity: a crypto asset may qualify as a commodity based on its characteristics and supply-and-demand dynamics. The CFTC primarily oversees derivatives tied to commodities, including crypto assets.
Classification matters because it sets registration, disclosure and trading rules. A crypto asset that is not itself a security may be subject to an investment contract in certain circumstances, and its status can change depending on the issuer's representations, promises and other facts.
Trading platforms add overlap. One venue might list spot tokens, futures and tokenized stocks. That can pull in both agencies, so asking who regulates crypto in the US for such a platform gets more than one answer.
Take one coin. Held long term, it raises tax questions. Sold during crypto token launches with roadmap promises, it may raise securities questions. Traded via futures, it falls under derivatives rules.
Federal agencies aren't the whole story. States add licensing and enforcement on top.
Founders often can't tell which agency leads until one acts. Rules for staking, token sales and DeFi protocols still depend on specific facts, and agency priorities can shift the answer.
The bill sorted assets into groups. "Network tokens" would generally fall outside securities laws. "Ancillary assets," tied to a team's managerial efforts, would be treated as investment contracts until those efforts stop driving value. It also divided duties between the SEC and the CFTC.
A law lasts longer than agency policy. Exemptions and no-action letters can change with priorities. Companies planning years of product work wanted one lasting answer to who regulates crypto in the US.
Several questions stay open. The GENIUS Act, passed in 2025, covers stablecoins but wasn't yet in effect as of the SEC's latest release. DeFi treatment is unsettled. So is the link between the stalled bill and the SEC's proposed Regulation Crypto Assets, which classifies tokens in a similar way.
Yes. Who regulates crypto in the US goes well beyond Washington.
Many states license money transmitters, and crypto firms holding customer funds can fall under those rules. New York's BitLicense is the best-known crypto-specific example. Requirements differ by state.
Some activity sits between agencies. States cover that gap through consumer protection and securities laws. The SEC's proposal would exempt qualifying offerings from state securities registration, but it's still only a proposal.
Lawmakers can bring the bill back. Opposition in September centered on provisions unrelated to securities treatment of tokens, so a revised crypto market structure bill could look different. Timing is unknown.
Regulation Crypto Assets is still a proposal. The CFTC's broader rulemaking sits at the pre-rule stage. The final texts will decide how much certainty companies get.
Final stablecoin rules under the GENIUS Act and the treatment of DeFi interfaces look like likely pressure points. Neither is settled.
SEC: securities side, token sales and tokenized stocks.
CFTC: commodities and derivatives.
FinCEN: anti-money laundering rules for money businesses.
IRS: tax treatment and reporting.
OFAC: sanctions compliance.
State regulators: licensing, consumer protection and local securities laws.
So, who regulates crypto in the US after CLARITY? Several agencies, each holding a piece. The SEC covers securities, the CFTC covers commodities and derivatives, and FinCEN, the IRS and OFAC cover money rules, tax and sanctions. States add licensing on top.
What stands out is the pace, with the SEC and CFTC both acting within days of the Senate vote. What stays uncertain is durability, since exemptions and staff letters can change faster than statutes. Next up are the final Regulation Crypto Assets text, the CFTC rulemaking and any new Senate vote on market structure.
Disclaimer: This article is for information only and is not financial, legal or tax advice. Regulations change, and the details here reflect public information as of October 1, 2026. Crypto assets carry risk, and a qualified professional can advise on individual situations.
