Government & regulation

Oct 19, 2026: Treasury’s proposed rules on payment-stablecoin issuance, offer and sale closed for comment on Oct 19, 2026. OCC proposed its implementing rules on Feb 25, 2026.

Signed July 18, 2025. Creates the first federal framework for payment stablecoins: 1:1 reserves in cash and Treasuries, monthly disclosures, redemption rights, and a licensing regime for bank and non-bank issuers. Excludes compliant payment stablecoins from the definition of a security.

Oct 13, 2026: Advance notice of proposed rulemaking published Oct 13, 2026. Comments due Dec 14, 2026.

The CFTC’s first step toward fit-for-purpose rules for spot and leveraged retail crypto transactions under CEA §2(c)(2)(D), covering trading venues, intermediaries, custody and market integrity.

Sep 15, 2026: Senate cloture on the motion to proceed failed 49–50 (60 needed). Motion to reconsider entered by Sen. Tillis; no new floor vote scheduled.

The market-structure bill. Splits oversight of digital assets between the CFTC (digital commodities, spot markets) and the SEC, defines when a blockchain is “mature” and decentralized, sets custody, disclosure and anti-commingling rules, and bars the Fed from offering a retail CBDC. Passed the House 294–134 on July 17, 2025; reported by Senate Banking with a substitute on June 1, 2026.

Jul 1, 2026: Transitional period for existing crypto-asset service providers ended July 1, 2026; full licensing now required across the EU.

The EU’s comprehensive crypto framework: licensing for exchanges and custodians, reserve and disclosure rules for stablecoins, and market-abuse rules, passported across all member states.

Mar 23, 2026: Interpretation dated March 17, 2026 became effective March 23, 2026, with parallel CFTC guidance that it will administer the Commodity Exchange Act consistently.

The SEC’s first formal taxonomy of crypto assets under the securities laws. Classifies assets into categories (digital commodities, stablecoins, collectibles, tokenized securities), explains how a non-security asset can enter and exit an investment contract, and addresses staking, mining, wrapping and airdrops.

Jul 17, 2025: Passed the House July 17, 2025. Its CBDC prohibition was carried into the Senate text of the CLARITY Act.

Prohibits the Federal Reserve from issuing a central bank digital currency directly to individuals or using one for monetary policy.

Mar 6, 2025: Signed March 6, 2025.

Directs Treasury to hold forfeited bitcoin as a strategic reserve and to maintain a separate stockpile of other forfeited digital assets, with no taxpayer-funded purchases.

Jan 23, 2025: SAB 122 issued Jan 23, 2025.

Removes the requirement that firms safeguarding customer crypto record those assets as liabilities on their own balance sheets — the rule that kept most banks out of crypto custody.

Jan 21, 2025: Formed Jan 21, 2025 under Commissioner Hester Peirce to replace enforcement-first policy with rulemaking and guidance.

Runs roundtables and public comment processes that produced the 2026 crypto-asset classification interpretation and a pipeline of exemptive relief and registration pathways.