U.S. digital asset regulation advances on multiple fronts in June-July 2026
Digital asset operators, custodians, and stablecoin issuers must track a wave of new federal and state rules taking effect or under proposal that will impose licensing, tax, and compliance obligations across the United States.
Between June and July 2026, U.S. regulators and Congress advanced a broad array of digital asset measures. California’s Digital Financial Assets Law took effect July 1, requiring DFPI licensure for businesses exchanging, transferring, storing, or issuing digital assets with California residents, with penalties up to $100,000 per day for unlicensed activity. Illinois enacted a 0.2% privilege tax on digital asset transactions effective January 1, 2027, though litigation and repeal efforts are pending. The Senate Banking and Agriculture Committees released merged Clarity Act text with an ethics provision barring public officials from profiting from digital assets; a cloture vote is scheduled for September. The SEC’s 2026 Regulatory Agenda targets exchange and broker-dealer rules for digital assets, while the agency also sought comment on novel ETFs including crypto holdings. Federal regulators proposed BSA/AML rules for payment stablecoin issuers under the GENIUS Act, with comments due in August. The OCC approved Circle and Sony Bank applications for national trust banks focused on digital asset custody and stablecoins. The NY DFS proposed a stablecoin rule aligning state framework with the GENIUS Act. Companies should review licensing, tax, custody, and stablecoin compliance obligations across these jurisdictions.