United States: FinTech

The U.S. Senate's failed cloture vote on the Digital Asset Market Clarity Act has prompted a flurry of regulatory activity from federal agencies seeking to establish frameworks for cryptocurrency markets. In response, the SEC issued groundbreaking exemptions for tokenized securities trading, the CFTC extended relief to crypto wallet providers, and Congress advanced new tax legislation for digital assets.

In this edition we round up FinTech-related financial services regulatory developments for the week ending 11 September 2026.

The Senate's failure to achieve the 60-vote threshold on the Digital Asset Market Clarity Act leaves the timeline for comprehensive federal cryptocurrency regulation uncertain. Two key obstacles emerged: concerns over ethics provisions designed to prevent senior officials from profiting from digital ventures, and unresolved disputes over activity-based rewards and yield payments on stablecoins that banking groups warn could drain deposits from community banks.

The U.S. Securities and Exchange Commission has proposed Regulation Crypto Assets, establishing tailored registration exemptions and disclosure requirements for crypto asset offerings involving investment contracts. This landmark rulemaking creates two new exemptions—a Startup Exemption for offerings up to $5 million and a Fundraising Exemption for offerings up to $75 million—while introducing a conditional safe harbor allowing covered investment contracts to cease when essential managerial

The Securities and Exchange Commission has proposed Regulation Crypto Assets, establishing a comprehensive regulatory framework for investment contracts involving crypto assets. This landmark proposal introduces two new exemptions from Securities Act registration requirements—a Startup Exemption for offerings up to $5 million over four years and a Fundraising Exemption for offerings up to $75 million annually—while also providing a conditional safe harbor from the investment contract definition

On August 21, two digital asset industry trade associations announced a lawsuit in the Circuit Court of Sangamon County challenging Illinois’s Digital Asset Tax Act. The Act, which takes effect January 1, 2027, imposes a 0.2% tax on the value of digital assets involved in certain exchanges, transfers, and storage activities conducted through digital asset brokers.

On August 18, 2026, the Financial Accounting Standards Board (“FASB”) issued a proposed accounting standards update (“ASU”) titled Statement of Cash Flows (Topic 230): Cash Equivalents—Disclosure Enhancement and Evaluation of Certain Digital Assets. The proposed ASU seeks to clarify whether certain digital assets meet the definition of “cash equivalents” on the balance sheet, and to increase the transparency of the significant components of “cash equivalents.”

The Federal Trade Commission secured $16.5 million in settlements from three Celsius Network co-founders, resolving claims that they misled consumers about the safety of cryptocurrency deposits and the platform's financial stability. The settlements impose permanent restrictions on the executives' ability to market financial and cryptocurrency products, following allegations that they misappropriated over $4 billion in consumer assets while falsely representing the platform as a safer alternative to traditi

The Securities and Exchange Commission has proposed "Regulation Crypto Assets," a comprehensive framework establishing two new exemptions from Securities Act registration for crypto asset offerings. The proposal introduces a Startup Exemption allowing up to $5 million in offerings over four years and a Fundraising Exemption permitting up to $75 million in capital raises, while also codifying conditions under which crypto assets cease to be investment contracts.