As we move into 2026, the U.S. regulatory framework for digital assets continues to shift away from a regime driven primarily by enforcement toward one grounded in statute, rulemaking, and supervision. From a legal and compliance perspective, this represents a meaningful change.

Over the last few years, a significant amount of time has been spent interpreting regulatory signals, enforcement actions, and speeches. In 2026, the focus is increasingly on implementation: building and operating frameworks that are intended to comply with new formal rules, while still managing a transitional period where not all parts of the regime are fully in force.

1. Market structure and regulatory perimeter

Proposed market structure legislation, including the Digital Asset Market CLARITY Act and related initiatives, is intended to clarify the allocation of jurisdiction between the SEC and the CFTC and to lay the foundation for a statutory framework for the regulation of digital assets. As of early 2026, this legislation has passed the House of Representatives but remains pending Senate action, with the final form, timing of enactment, and specific provisions still subject to the legislative process. Even once enacted, it is unlikely that all elements of the regime will come into force at the same time, and it is increasingly expected that parts of the framework will be phased in through 2026 and beyond.

In practice, this means legal and compliance teams are likely to be operating against a combination of existing guidance, enforcement risk, and new statutory requirements for some time. The practical work is already starting to take shape, including:

• assessing product classification
• reviewing registration and regulatory perimeter positions
• revisiting custody and control frameworks
• updating disclosures
• re-papering contractual and offering documentation

2. Stablecoins and payments regulation

The GENIUS Act establishes a federal framework for payment stablecoins, covering areas such as reserve assets, redemption rights, audits, governance, and regulatory oversight. While the legislation is now in force, much of the detailed regime will be implemented through regulatory rulemaking, with firms expected to spend a significant part of 2026 preparing for and implementing these requirements.

For firms that issue stablecoins, custody stablecoins, or rely on stablecoins in payment flows, 2026 is therefore likely to be focused largely on implementation. This includes:

• how reserves are structured and held
• how redemption mechanics are documented
• how disclosures are drafted
• how oversight responsibilities are allocated within group governance structures

More broadly, stablecoins are now increasingly being treated as part of the payments and financial market infrastructure regulatory perimeter, rather than as a standalone “crypto” issue.

3. Overlap with banking and financial services regulation

As tokenised assets and stablecoin-based activity continue to integrate with traditional financial infrastructure, the regulatory analysis is increasingly sitting at the intersection of digital asset regulation, banking regulation, and payments regulation.

In the U.S. this is particularly relevant where activities involve insured depository institutions, payment systems, or custody arrangements. From a legal and compliance perspective, this means there is less separation between “crypto” compliance and core financial services compliance, and more need for co-ordination across regulatory disciplines.

4. Governance, controls, and supervisory expectations

Regulatory focus remains firmly on governance and control frameworks. Issues such as custody and asset segregation, conflicts of interest, valuation, cybersecurity, AML, and senior management accountability continue to drive supervisory and enforcement outcomes.

The direction of travel is clear: the focus is increasingly on whether frameworks operate effectively in practice, not simply whether policies and procedures exist on paper.

5. Cross-border complexity

Regulatory regimes continue to develop at different speeds across the U.S., UK, EU, and Asia. For groups operating internationally, this continues to create complexity around regulatory perimeter questions, structuring decisions, and inconsistent classification and licensing requirements.

This remains a significant operational and legal burden, particularly for groups trying to build scalable global operating models.

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2026 looks less like a year of regulatory design and more like a year of regulatory implementation. For legal and compliance teams, the focus is likely to be on execution, governance, and operating within partially implemented and overlapping regulatory frameworks, rather than on interpreting regulatory intent.

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