Digital-asset regulation for RIAs
Each entry names the authority that acted, what changed, whom it affects, the date, and what an advisor must do next.
Federal Reserve ends its novel-activities supervision program
The Federal Reserve ended its separate supervision program for novel activities. It now monitors banks’ crypto, distributed-ledger and technology-driven activities through its standard supervision process.
OFAC designates Garantex successor Grinex and its supporting network
On Aug. 14, 2025, OFAC redesignated Garantex under its cyber authorities.
NYDFS settles with Paxos over AML failures and its due diligence on Binance
On Aug. 7, 2025, NYDFS required Paxos to pay a $26.5 million penalty and spend $22 million on remediation.
Executive order directs banking regulators to end politicized or unlawful debanking
Executive Order 14331 directs federal banking regulators to remove reputation-risk concepts that could support politicized or unlawful debanking from their guidance and exam materials.
Executive order directs a review of 401(k) access to digital assets and other alternative investments
The President directed the Labor Department to review its approach to alternative assets in participant-directed retirement plans.
SEC staff states that certain liquid-staking activities are not securities transactions
SEC Corporation Finance staff extended its analysis to certain liquid-staking arrangements and the receipt tokens they issue.
CFTC Commissioner Johnson sets out governance expectations for AI, vendors, cyber and digital assets
In a series of 2025 statements that ended with a recap of an August roundtable, CFTC Commissioner Kristin Johnson named governance expectations for firms that adopt AI and digital assets.
FinCEN warns of scams and illicit finance at virtual-currency kiosks
FinCEN urged financial institutions to identify and report suspicious activity at CVC kiosks. FinCEN listed common patterns and red flags for scams, cybercrime and drug trafficking.
SEC Chairman announces Project Crypto priorities for onchain securities markets
SEC Chairman Atkins publicly directed SEC staff to a broad Project Crypto agenda.
President’s Working Group issues a digital-asset regulatory roadmap
On July 30, 2025, the President’s Working Group on Digital Asset Markets delivered its report, Strengthening American Leadership in Digital Financial Technology.
SEC approves in-kind creations and redemptions for bitcoin and ether ETPs
On July 29, 2025, the SEC issued an order granting accelerated approval of exchange rule changes for in-kind creations and redemptions.
FINRA fines TradeStation over communications about its crypto affiliate
FINRA censured TradeStation Securities and fined it $85,000.
House passes a bill to create a working group on illicit use of digital assets
The House passed the Financial Technology Protection Act of 2025.
GENIUS Act creates a federal framework for payment stablecoin issuers
On July 18, 2025, S. 1582, the GENIUS Act, became Public Law 119-27.
House passes a bill to restrict a Federal Reserve central-bank digital currency
On July 17, 2025, the House passed the Anti-CBDC Surveillance State Act.
Banking agencies issue a joint statement on crypto-asset safekeeping risks
On July 14, 2025, the Federal Reserve, FDIC and OCC issued a joint statement on risk management for banks that safeguard crypto assets.
California DFPI penalizes Coinme for crypto-kiosk violations
On July 7, 2025, the California DFPI fined Coinme $300,000 and obtained $51,700 in restitution.
SEC staff lists disclosure points for crypto-asset exchange-traded products
SEC Corporation Finance staff gathered its disclosure observations for crypto-asset ETP filings in one statement.
House passes a bill on Commerce Department blockchain policy
The House passed the Deploying American Blockchains Act of 2025.
SEC withdraws a broad set of 2022 and 2023 proposals that affect advisers and markets
The SEC formally withdrew several proposals and stated that it did not intend to adopt final rules from them.
IRS extends transition relief for digital-asset broker backup withholding and reporting
On June 12, 2025, Treasury and the IRS issued Notice 2025-33.
SEC seeks comment on who qualifies as a foreign private issuer
The SEC issued a concept release that asks whether the definition of a foreign private issuer, and the accommodations that come with it, are still appropriate.
NFA fines OANDA over crypto-broker promotions and supervisory failures
On May 29, 2025, NFA issued a disciplinary decision that accepted OANDA’s settlement.
SEC dismisses seven crypto enforcement cases and shifts policy to rulemaking
Between February and May 2025, the SEC dismissed with prejudice seven crypto enforcement actions brought under the prior administration: Coinbase, Cumberland DRW, Consensys, Kraken/Payward, Dragonchain, Balina and…
SEC staff states that certain protocol staking activities are not securities transactions
SEC Corporation Finance staff stated that the protocol staking activities and related services described in the statement do not involve securities transactions.
Status labels
Each entry carries a status: a binding action, a proposal, guidance, enforcement, or a political signal. A speech or a bill changes no obligation until a rule or a law follows. Every entry starts from the primary document and lists what is still unsettled.
Coverage and corrections
This page follows the U.S. authorities that matter to registered investment advisers, plus state actions of national weight. A published version never changes. A correction or a changed reading creates a new version at the same address, and every earlier version stays in the JSON file.
Educational analysis for financial professionals. Not legal, tax, compliance, or investment advice. Verify current primary sources and consult qualified counsel before implementation.