🇺🇸 Crypto licence in the United States

The regime

There is still no single US federal crypto licence. Operating nationally means stacking state money-transmitter licences (up to 50-plus regimes) with New York's BitLicense, plus federal registrations wherever activities touch securities (SEC) or derivatives (CFTC), and FinCEN MSB registration for AML.

The GENIUS Act created a federal framework for stablecoin issuers in 2025. The Clarity Act — which would split spot-market oversight between the SEC and CFTC and create a federal registration path for exchanges — remains pending in the Senate as of this review. Until it passes, the state-by-state stack is the licence.

Requirements

• FinCEN: registration as a money services business, with a full BSA/AML programme.
• State money-transmitter licences: one per state that requires it, each with its own bonding, net-worth and reporting rules; New York additionally requires the BitLicense or a trust charter for virtual-currency business.
• Securities / derivatives: SEC registration (broker-dealer, ATS) where tokens are securities; CFTC registration (FCM, DCM) for derivatives.
• Stablecoin issuers: the GENIUS Act federal framework — reserve, disclosure and redemption rules for permitted issuers.
• Alternative route: a national trust bank charter from the OCC covers custody nationally (Anchorage Digital's route).

Licensed firms

Benchmark US licence holders:

• Coinbase — NY BitLicense since 2017 plus state MTLs across the country
• Anchorage Digital — the first OCC national trust bank charter for crypto, January 2021
• Paxos, Gemini — NYDFS limited-purpose trust charters
• Circle — the first NYDFS BitLicense, 2015; now a GENIUS-era stablecoin issuer

Snapshot, not the register: verify current status against NMLS Consumer Access before relying on it.

Is there a single licence to operate a crypto exchange in the US?

Not yet. Coverage is assembled state by state, plus federal registrations by activity. The pending Clarity Act would create a federal registration path; until it passes, 50-state licensing remains the norm.

What is the New York BitLicense?

NYDFS's dedicated virtual-currency licence, in force since 2015. Any firm serving New York residents in virtual-currency business needs it (or a NY trust charter) — it is the single hardest state approval and often the last one firms obtain.