The US does not yet (in 2018) have a uniform approach to the regulation of Bitcoin at a Federal or State level. The Federal Reserve does not have a policy towards the regulation of Bitcoin, although it has said that it may be a matter that they will have to consider at some point in the future, The Financial Crimes Enforcement Network (FinCEN), an agency within the US Treasury Department, published guidelines about cryptocurrencies as early as 2013, which suggested that although using cryptocurrency for purchasing legal goods and services was not illegal, the mining or trading of bitcoin as well as the operation of exchanges on which Bitcoins are traded would fall under the label of “money transmitters “ and would be subject to the same Anti-Money Laundering (AML) and Know Your Client (KYC) measures as other money service businesses. FinCEN has also been involved in an action again the Russian-domiciled BTC-e exchange for a breach of US AML laws, which was the first action taken against a non-US based exchange.
The US Securities and Exchange Commission (SEC) have yet to issue any regulations on Bitcoin or cryptocurrencies. However, they have issued a number of warnings about the volatility and risk of fraud in the sector, including a warning from the chairman of the SEC in November 2017 relating to the risks surrounding ICO’s. The US Commodity Futures Trading Commission (CFTC) has designated Bitcoin to be a commodity, and although the CFTC does not regulate Bitcoin directly, it does have authority in respect of commodity futures that are directly connected to Bitcoin. For example, the CFTC recently accepted a proposal by the Chicago Mercantile Exchange to allow Bitcoin and other cryptocurrency to be cleared in the same manner as other products, which could have a major effect on the value of Bitcoin.
At a State level there have been various approaches taken by individual States, particularly in relation to the regulation of exchanges or other money transmitters. Some States, such as New York, have made attempts to make specific licensing regimes that are applicable to cryptocurrency exchanges whereas other states, such as Texas, continue to apply existing financial laws and regulations to the use of cryptocurrencies. However, the effect of this licence in New York was considered by some to be a stifling of the fintech industry’s use of cryptocurrency in that State. In fact, the New York Bitlicence is currently being challenged by the Bitcoin Foundation, who are increasingly active in lobbying against large scale regulation of the industry. The Bitcoin Foundation has stated its opinion that the US government is increasing federal and state regulation of Bitcoin in the US with a view to “control and stifle the adoption and use of so-called ‘virtual currencies’ such as Bitcoin.”
(excerpt from text on https://blockonomi.com/bitcoin-regulation/)
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