Category Archives: 美国

Focusing on the US SEC and CFTC crypto regulatory policies, covering ETF approvals, enforcement actions, stablecoin legislation and compliance developments.

The US ADAPT Act (Digital Asset Tax Act): Exemption from taxes on stablecoin payments and expansion of laundering rules.
The US ADAPT Act (Digital Asset Tax Act): Exemption from taxes on stablecoin payments and expansion of laundering rules.

U.S. Senator Steve Daines of Montana has introduced the 56-page ADAPT Act, a digital asset tax bill that proposes exempting dollar-denominated stablecoin consumer payments compliant with the GENIUS Act from capital gains recognition, waiving profit and loss recognition for transaction fees up to $10, and extending anti-tax avoidance rules on laundering and deemed sales to digital assets. Most provisions would apply to 2026.

01
June
The US CFTC plans to include event contracts in the definition of "swaps," escalating the battle for regulatory power in prediction markets.
The US CFTC plans to include event contracts in the definition of "swaps," escalating the battle for regulatory power in prediction markets.

The U.S. CFTC has submitted proposed rules to the OIRA to include event contracts in the definition of "swaps" under the Commodity Exchange Act, while simultaneously excluding casino-style betting products. This classification will determine whether prediction market operators are governed by the federal derivatives framework or state betting laws, directly impacting the registration and reporting obligations of platforms such as Kalshi and Polymarket.

01
June
The US Clarity Act fails in the Senate: Bitwise CIO interprets the logic behind faster and more beneficial crypto regulation.
The US Clarity Act fails in the Senate: Bitwise CIO interprets the logic behind faster and more beneficial crypto regulation.

The US Senate failed to advance the Clarity Act on September 15 by a vote of 49 to 50, but the crypto market rose instead of falling. Bitwise CIO Matt Hougan pointed out that the bill's failure actually allowed the industry to achieve more favorable regulatory outcomes more quickly: stablecoin rewards...

01
June
The US CFTC issued a default judgment in the Fundsz fraud case: board members were fined $3000 million.
The US CFTC issued a default judgment in the Fundsz fraud case: board members were fined $3000 million.

The U.S. District Court for the Central District of Florida issued a default judgment in the Fundsz digital asset and precious metals fraud case, ordering board members Brian Early and Alisha Ann Kingrey to pay over $3000 million in fines. The court found the two made false statements regarding returns, trading performance, and risks, and falsely claimed that funds were operated by a proprietary algorithm. This case reveals the enforcement path for unregistered investment schemes under CFTC regulation, providing a compliance warning for digital asset practitioners and investors.

01
June
OUSD, the US-based stablecoin for payments, has officially launched: Bridge issuance structure and key compliance points with the GENIUS Act.
OUSD, the US-based stablecoin for payments, has officially launched: Bridge issuance structure and key compliance points with the GENIUS Act.

The Open Standard consortium in the United States will launch the USD stablecoin OUSD on September 30, 2026. Issued by Stripe's Bridge platform, it will be pegged 1:1.

01
June
The U.S. CFTC is investigating former Congressman Kinzinger for alleged involvement in a Kalshi pardon contract deal.
The U.S. CFTC is investigating former Congressman Kinzinger for alleged involvement in a Kalshi pardon contract deal.

According to Politico, the U.S. CFTC is investigating former Congressman Adam Kinzinger for placing bets on contracts involving "his own presidential pardon" through an account linked to Kalshi between late 2024 and early 2025. Kinzinger claims his profits were only...

01
June
The US CFTC plans to define event contracts as swaps: a battle between prediction market regulation and state gambling laws.
The US CFTC plans to define event contracts as swaps: a battle between prediction market regulation and state gambling laws.

On September 28, 2026, the U.S. CFTC submitted two event contract rules to the White House OMB for review: one proposing to include event contracts in the definition of "swaps," and the other a provisional final rule proposing to remove "casino-style gambling products." This move aims to counter claims by various states that platform sports contracts such as Kalshi are illegal gambling, but the Sixth, Eighth, and Third Circuits hold conflicting positions, and the jurisdictional dispute may ultimately be decided by the Supreme Court.

01
June
Following the Senate's setback of the CLARITY bill, a key figure has left office: An assessment of the prospects for US encryption legislation.
Following the Senate's setback of the CLARITY bill, a key figure has left office: An assessment of the prospects for US encryption legislation.

The CLARITY Act (HR 3633) was blocked from the Senate's closing debate on September 15, 2026, by a vote of 49-50, failing to reach the 60-vote threshold. Its core architects, Lummis and Senator Tillis, and...

01
June
With only three commissioners remaining at the US SEC and CFTC: the leadership vacuum in crypto regulation and its impact on compliance.
With only three commissioners remaining at the US SEC and CFTC: the leadership vacuum in crypto regulation and its impact on compliance.

Starting October 2, 2026, the U.S. Securities and Exchange Commission (SEC) and the Cross-Border CFTC will have only three commissioners remaining to oversee digital asset regulation. The SEC will have only two members, Atkins and Uyeda, after Hester Peirce's departure, while the CFTC will be chaired solely by Selig. With the Clarity Act blocked in the Senate this month, the two agencies are shifting their focus to rulemaking and interpretative guidance to advance regulation, requiring licensed institutions to prioritize employee guidelines for compliance.

30
June
The first US spot NEAR ETF was listed on the NYSE Arca: Bitwise NRR staking structure and SEC listing channel.
The first US spot NEAR ETF was listed on the NYSE Arca: Bitwise NRR staking structure and SEC listing channel.

Bitwise launched the Bitwise NEAR ETF (NRR) on the NYSE Arca on September 29, 2026, becoming the first spot NEAR ETF in the United States.

30
June
The US CFTC has approved Coinbase's clearing subsidiary to register as a Derivatives Clearing Organization (DCO), completing its full-stack derivatives infrastructure.
The US CFTC has approved Coinbase's clearing subsidiary to register as a Derivatives Clearing Organization (DCO), completing its full-stack derivatives infrastructure.

On September 28, 2026, the U.S. CFTC approved Coinbase Clearing LLC's registration as a Derivatives Clearing Organization (DCO), enabling Coinbase to gather...

29
June
New use case for tokenized fund collateral in the US: Bybit accepts Franklin Templeton on-chain shares as trading margin.
New use case for tokenized fund collateral in the US: Bybit accepts Franklin Templeton on-chain shares as trading margin.

Franklin Templeton and Bybit announced a strategic partnership on September 28, 2026: Qualified institutions can use tokenized money market fund shares issued on the Benji platform as off-exchange collateral via ByCustody.

29
June
US Sanctions Compliance Escalates: Tether to Freeze $5.5 Million in Iran-Related USDT in 2026 (Analysis)
US Sanctions Compliance Escalates: Tether to Freeze $5.5 Million in Iran-Related USDT in 2026 (Analysis)

Tether, the world's largest stablecoin issuer, disclosed that since 2026 it has cooperated with US law enforcement and sanctions agencies to freeze approximately $5.5 million worth of USDT related to the Central Bank of Iran and sanctions networks. This article outlines the timeline of the freeze, OFAC's characterization, and implications for sanctions compliance for US VASP-licensed institutions.

29
June
The U.S. Securities and Exchange Commission (SEC) has clarified that buybacks of functional network tokens do not constitute securities transactions.
The U.S. Securities and Exchange Commission (SEC) has clarified that buybacks of functional network tokens do not constitute securities transactions.

On September 25, 2026, the U.S. Securities and Exchange Commission's (SEC) Division of Corporate Finance issued a FAQ on crypto assets, clarifying that once a crypto network is functional, an issuer's announcement of a token buyback program does not constitute a "necessary managerial effort" commitment under the Howe Test, and the token does not therefore become a security. However, if a buyback is packaged as a source of income or returns for holders before the network is functional, it may still trigger federal securities laws. This employee guidance has no legal force, and the SEC or private plaintiffs may take different positions in the future.

28
June
US Tokenized Securities: Bullish and four other companies form an issuer-supported tokenized securities alliance
US Tokenized Securities: Bullish and four other companies form an issuer-supported tokenized securities alliance

Bullish, in collaboration with Equiniti, Alpaca, Apex Fintech Solutions, and DriveWealth, has formed an issuer-supported tokenized securities consortium to promote on-chain tokenized shares directly linked to the issuer's official shareholder register. This preserves voting, dividend, and corporate action rights, unlike synthetic products that only offer price exposure. The background is the innovation exemption issued by the SEC on September 17, 2026, which allows limited on-chain trading of U.S.-listed stocks under specific conditions.

25
June
US Stablecoin Payment Regulation: Federal Reserve Releases Two Proposed Rules in GENIUS Act
US Stablecoin Payment Regulation: Federal Reserve Releases Two Proposed Rules in GENIUS Act

On September 24, 2026, the Federal Reserve released two proposed rules to implement the GENIUS Act, establishing a regulatory framework for issuers of payment stablecoins subject to board oversight: requiring full reserves of high-quality liquid assets such as short-term U.S. Treasury bonds, standardizing capital and risk management, and establishing a dedicated approval process for banks issuing payment stablecoins. The public comment period ends 60 days from the date of publication in the Federal Register, with full implementation expected in January 2027.

25
June
US Tokenized Securities Compliance: Analysis of Coinbase's Real Securities Full Support Model
US Tokenized Securities Compliance: Analysis of Coinbase's Real Securities Full Support Model

Coinbase CEO Brian Armstrong confirmed that the tokenized shares are fully backed by real securities, not synthetic assets or debt instruments; each token is held in 1:1 custody by Alpaca under a bankruptcy-remote structure and is open to accredited investors outside the United States through the ADGM framework in accordance with Reg S. This article outlines its structure, regulatory boundaries, and key compliance points.

15
June
Attorneys general from 17 U.S. states have jointly opposed the CLARITY Act, arguing it would weaken state-level encryption enforcement powers.
Attorneys general from 17 U.S. states have jointly opposed the CLARITY Act, arguing it would weaken state-level encryption enforcement powers.

On September 14, 2026, New York Attorney General Letitia James led a bipartisan coalition, along with 17 other state attorneys general (representing 18 states/districts), to write to the Senate Banking Committee, urging them to [implement legislation related to banking].

15
June
US Clarity Act: Enactment of Crypto Market Structure Legislation; Trump Accepts Ethical Clauses, Industry Raises Passage Expectations
US Clarity Act: Enactment of Crypto Market Structure Legislation; Trump Accepts Ethical Clauses, Industry Raises Passage Expectations

On the evening of September 14, 2026, Senate Republicans released the "final, best, and final" text of the revised CLARITY Act (HR 3633), aiming to secure at least [a certain percentage] of the vote in the Cloture procedural vote on September 15.

15
June
MetaMask launches anti-fraud wallet protection: identifies pig butchering scams and spoofed addresses, and automatically rolls back suspicious transactions.
MetaMask launches anti-fraud wallet protection: identifies pig butchering scams and spoofed addresses, and automatically rolls back suspicious transactions.

On September 14, 2026, MetaMask (Consensys) announced a new round of anti-fraud protection for mobile devices and browser extensions, covering investment fraud, pig butchering scams, spoofed addresses, and first-time recipient alerts. The new Added Protection automatically rolls back transactions when there are inconsistencies in the transaction preview (extensions first), and uses AI from security partner Blockaid to identify phishing and fraud in real time. This comes against the backdrop of US authorities recently seizing and freezing tens of millions of dollars in crypto assets involved in fraud.

15
June

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