How are crypto assets defined in your jurisdiction?
The United States under the leadership of President Trump stands to enhance the use and availability of digital assets, including crypto assets.
TerraLex Cross-Border Guide to Crypto Assets
Welcome to the Terralex cross-border guide to crypto assets
Crypto assets have come to the forefront of society quickly. In an area where technology has surpassed the law in many jurisdictions, this guide aims to provide a current snapshot of the legal status of crypto assets around the world, current regulations, and forthcoming or proposed legislation.
Special thanks to Martin Sloan (Brodies) as well as the leaders of the TerraLex Technology & Digital Business Industry Sector Team and Finance & Banking Practice Group for developing the questions for this guide.
How to Use: You can use the tools below to create bespoke reports for the jurisdiction(s) and topic(s) covered. Click into single jurisdiction for one location or use the compare tool to compare multiple jurisdictions. Select the jurisdictions and topics of interest to create your unique report. You also have the option to print or download using the ellipsis button in the top right corner.
United States TerraLex Cross-Border Guide to Crypto Assets Guide
- Authors:
- David Seifer, Sahel Assar, Brian North
- Date posted:
- 30/11/2022
- Last update:
- 29/07/2025
Guidance
What is the legal status of crypto assets in your jurisdiction?
Currently under review to be updated. July 2025
Are crypto assets regulated in your jurisdiction?
Currently under review to be updated. July 2025
If crypto assets are regulated in your jurisdiction, which key regulatory authorities are responsible for the regulations and their enforcement in your jurisdiction? How are they regulated?
The Securities and Exchange Commission; the Commodity Futures Trading Commission; the Internal Revenue Service, the Financial Crimes Enforcement Network, the Office of Financial Assets Control, the Office of the Comptroller of the Currency, and many states regulate crypto assets within their areas of authority. Additionally, the recent passage of the Genius Act is the first act of U.S. Congress to create a regulatory framework for digital assets. The law was passed in July 2025 and regulations are under review.
Have specific anti-money laundering measures been introduced in relation to crypto asset activities in your jurisdiction?
Existing anti-money laundering measures have been applied to crypto asset activities.
How is the use of blockchain in the financial services sector regulated in your jurisdiction?
The regulation of the use of the Blockchain in the financial services sector varies based on the financial service provided using the Blockchain. For example, the Securities and Exchange Commission has authority over exchanges on which crypto assets that are considered securities are traded, while the Commodity Futures Trading Commission has authority over exchanges on which derivative contracts for crypto assets are traded. In some cases, a service may be subject to regulation by both the Securities and Exchange Commission and the Commodity Futures Trading Commission.
How are crypto assets taxed in your jurisdiction?
The Internal Revenue Service has provided some guidance pertaining to taxation of cryptocurrencies; however, an explanation of all of the salient rules is outside the scope of this form. For further information, please visit www.Bipc.com’s Blockchain and Crypto Asset Practice Group.
Are crypto assets recognized as a type of property in your jurisdiction?
Yes.
How does your jurisdiction deal with the application of property laws to intangible assets and conflicts of laws with other jurisdictions
The application of property laws to intangible assets requires a case-by-case analysis.
can smart contracts transferring ownership on a crypto asset be treated as legally binding in your jurisdiction?
A smart contract can be legally binding if it satisfies all the requirements of applicable state contract law.
Is it possible to take security over a crypto asset in your jurisdiction? If so, please provide a brief overview.
It is possible to create a security interest in a crypto asset. However, the manner in which a security interest in a crypto asset may be perfected against other creditors depends on what type of property the crypto asset is classified under the relevant state Uniform Commercial Code and there is some uncertainty with respect to that.
Does inheritance tax relief exist in your jurisdiction for situations where fluctuations in the market result in a beneficiary paying disproportionate tax?
In the United States, there is no “inheritance tax.”
Is there any forthcoming or proposed legislation in your jurisdiction relating to crypto assets?
This portion is currently under review. July 2025
Is there a supranatorial view on crypto assets in your region and if so, what is it?
The United States is not a member of any supranational organization.
Is there anything else that you think is unusual or different about how your jurisdiction treats crypto assets or dealings in crypto assets?
The United States federal government, generally, proceeds with regulatory caution in all matters pertaining to cryptos.
Disclaimer: This guide contains summaries of general principles of law. It is not a substitute for specific legal advice and should not be relied upon in relation to the application of the law or subject matter covered.