Licentium

Fintech Licensing Hub

United States

The United States licenses crypto, payments and gambling through an overlapping federal–state patchwork rather than single national authorisations. The GENIUS Act (signed July 2025) creates the first federal payment-stablecoin regime (OCC/Fed/FDIC/state; effective by January 2027), while the CLARITY Act market-structure bill remains pending; SEC and CFTC divide securities/commodity oversight and FinCEN applies the Bank Secrecy Act, with most crypto firms also needing state money-transmitter licences plus a NY BitLicense or California DFAL where applicable. Gambling is decided state-by-state after Murphy v. NCAA (2018) — about 38 states plus D.C. allow sports betting and 8 states permit online casino — within the federal Wire Act, UIGEA and IGRA perimeter.

Available licences

Crypto — Permitted Payment Stablecoin Issuer (GENIUS Act; OCC / Federal Reserve / FDIC / state)

The GENIUS Act restricts payment-stablecoin issuance to Permitted Payment Stablecoin Issuers (PPSIs): subsidiaries of insured depository institutions, OCC-approved federal qualified issuers (including nonbanks and uninsured national banks), and state-qualified issuers under a substantially similar state regime. Requires 1:1 reserves in cash and short-dated Treasuries, monthly reserve disclosure, redemption rights and BSA compliance. Effective no later than 18 January 2027.

Crypto — State Money Transmitter Licence / Virtual-Currency Licence

Most exchanges, custodians, brokers and wallet providers that move customer fiat or crypto need money-transmitter licences in each state where they serve customers (every state except Montana licenses money transmission). Several states treat virtual-currency activity as money transmission or apply bespoke rules.

Crypto — New York BitLicense (NYDFS — 23 NYCRR 200)

A separate authorisation for virtual-currency business activity with New York persons, in force since 2015, alongside (or instead of) a New York money-transmitter licence. A 2025 law added civil penalties for operating without one. Capital, custody, cybersecurity and AML standards are among the most demanding in the country.

Crypto — California Digital Financial Assets Law Licence (DFPI)

California's DFAL establishes a digital-asset licensing regime distinct from its Money Transmission Act; the DFPI requires a licence (or a pending application) to conduct digital-financial-asset business activity with California residents from 1 July 2026.

Crypto / Banking — National Trust Bank Charter (OCC)

A federal trust charter used for custody and certain stablecoin-reserve activities. In 2025 the OCC received a wave of national trust-bank applications tied to digital-asset services and conditionally approved several, including a December 2025 conditional approval for Circle to manage USDC reserves.

Securities — SEC Registration / Exemption (Securities Act 1933; Exchange Act 1934)

Tokens that are investment contracts under the Howey test are securities: offers must be registered or exempt, and intermediaries (broker-dealers, exchanges, ATSs) must register with the SEC. The SEC's posture has shifted from enforcement-led to rulemaking under Chair Paul Atkins ("Project Crypto").

Payments — FinCEN MSB Registration (Bank Secrecy Act)

Money transmitters, including most crypto exchangers and administrators (per FinCEN's 2013 and 2019 guidance), must register federally as money services businesses, maintain an AML programme, file SARs/CTRs and apply the Travel Rule. Registration is a federal notification layer that sits alongside — not in place of — state licensing.

Payments — State Money Transmitter Licence (MTL)

The core payments authorisation in the U.S.: a separate licence in each state (plus D.C. and territories) for transmitting money or monetary value. The CSBS Money Transmission Modernization Act standardises net-worth, surety-bond and permissible-investment requirements across adopting states.

Banking — National or State Bank Charter (OCC / Federal Reserve / FDIC / state)

Deposit-taking and full-scope banking require a charter from the OCC (national banks), a state regulator (state banks, supervised with the Federal Reserve or FDIC), or specialised vehicles such as industrial loan companies. Federal preemption can reduce the need for state-by-state money-transmitter licensing.

Gambling — State Sports-Betting Licence

Issued and regulated by each state's gaming authority (e.g., New Jersey Division of Gaming Enforcement, Pennsylvania Gaming Control Board, Michigan Gaming Control Board). Roughly 38 states plus D.C. permit sports betting in some form, with mobile/online in most of them.

Gambling — State Online Casino (iGaming) Licence

Available only where a state has authorised real-money online casino: New Jersey, Pennsylvania, Michigan, West Virginia, Connecticut, Delaware and Rhode Island, with Maine authorised (tribal) and launching in 2026; Nevada permits online poker only. Each state licenses and taxes operators separately.

Gambling — Tribal Gaming (IGRA; tribal-state compacts; NIGC)

Gaming on tribal land operates under the Indian Gaming Regulatory Act through tribal-state compacts and NIGC oversight; in some states (e.g., Florida) statewide mobile sports betting is structured as tribal gaming.

Detailed overview

United States at a glance

The United States licenses crypto, payments and gambling through an overlapping federal–state patchwork, not single national authorisations. Crypto reached a turning point with the GENIUS Act (signed 18 July 2025), the first major federal crypto statute, which builds a dedicated payment-stablecoin regime under the OCC, the Federal Reserve, the FDIC and qualifying state regulators, effective by January 2027; market structure for other tokens awaits the CLARITY Act. The SEC and CFTC divide securities and commodity oversight, FinCEN applies the Bank Secrecy Act, and exchanges and custodians still assemble state money-transmitter licences plus, in some states, a NY BitLicense or California DFAL licence. Payments have no federal e-money licence: FinCEN MSB registration plus state MTLs, with banking chartered federally or by states. Gambling is state-by-state after Murphy v. NCAA (2018) struck down PASPA, bounded by the Wire Act, UIGEA and IGRA.

Crypto regime — a federal framework now emerging over a state patchwork:

  • GENIUS Act (12 U.S.C. 5901 et seq.; signed 18 July 2025) — first major federal crypto statute; creates a federal–state regime for payment stablecoins, restricting issuance to Permitted Payment Stablecoin Issuers (PPSIs): subsidiaries of insured depository institutions, OCC-approved federal qualified issuers, and state-qualified issuers under a substantially similar state regime; 1:1 reserves in cash/short-dated Treasuries, monthly disclosure, redemption rights, BSA status; non-financial public companies barred from issuing absent unanimous approval of the new Stablecoin Certification Review Committee; carves compliant stablecoins out of "security" and "commodity"; effective the earlier of 18 January 2027 or 120 days after final implementing rules; penalties up to USD 1,000,000 per violation and up to five years' imprisonment
  • GENIUS implementation — Treasury Advance Notice (September 2025); OCC proposed rule (February 2026); state-to-federal transition required once an issuer exceeds USD 10 billion in outstanding stablecoins; multiple agency rulemakings still to be finalised before the effective date
  • CLARITY Act (H.R. 3633) — market-structure bill for non-stablecoin tokens; House-passed 17 July 2025 (294–134); Senate Banking advanced a substitute on 14 May 2026 and the bill was placed on the Senate Legislative Calendar (No. 423) on 1 June 2026; must still be reconciled with the Senate Agriculture Committee's Digital Commodity Intermediaries Act, pass the full Senate, be reconciled with the House text and signed; would give the CFTC exclusive jurisdiction over digital-commodity spot markets and preserve SEC authority over investment-contract assets ("ancillary assets"; a "Regulation Crypto" exemption); not yet enacted
  • SEC — Howey-test securities analysis; shift from enforcement-led (prior administration) to rulemaking under Chair Paul Atkins ("Project Crypto"); rescinded Staff Accounting Bulletin 121; a joint SEC–CFTC interpretation (March 2026) addressed the securities/commodity line and named certain digital commodities
  • FinCEN / Bank Secrecy Act — crypto exchangers and administrators are money transmitters (2013 and 2019 guidance): MSB registration, AML programme, SARs/CTRs and the Travel Rule
  • State licensing — most exchanges/custodians need money-transmitter licences across states; New York BitLicense (23 NYCRR 200, since 2015; civil penalties added 2025); California DFAL (DFPI; licensing from 1 July 2026); Louisiana and others apply bespoke virtual-currency rules
  • Banking access — OCC national trust charters used for custody/reserves; ~14 national trust-bank applications in 2025, several conditionally approved, including Circle (December 2025)
  • Tax (IRS) — crypto treated as property (Notice 2014-21); gains taxed on disposal; broker reporting on Form 1099-DA phasing in from the 2025/2026 reporting years

Payments and e-money regime (no federal e-money licence):

  • No federal payments/e-money licence equivalent to an EU EMI or payment institution; the federal layer is FinCEN MSB registration under the Bank Secrecy Act (31 U.S.C. 5311 et seq.; 31 CFR Chapter X)
  • State Money Transmitter Licences (MTLs) — every state except Montana licenses money transmission, plus D.C. and U.S. territories; surety bonds, minimum net worth and permissible-investment (1:1 liquidity) requirements; the Nationwide Multistate Licensing System (NMLS) is the common filing platform
  • CSBS Money Transmission Modernization Act (MTMA) — a model law standardising definitions, net worth, surety bonds and permissible investments; adopted in whole or in part by a large and growing majority of states (CSBS reported 27 states as of mid-2025; industry trackers report 40-plus by late 2025), covering roughly 99% of U.S. money-transmission activity; June 2025 CSBS guidance addressed virtual-currency treatment in tangible-net-worth calculations
  • New York — has not adopted the MTMA; maintains stricter standards, including 100% permissible investments against transmission liabilities (Banking Law) and a separate BitLicense
  • GENIUS Act preemption — federally approved payment-stablecoin issuers are exempt from state money-transmitter licensing for that activity; the carve-out does not extend to broader exchange/custody activity
  • Banking and infrastructure — charters from the OCC (national), Federal Reserve/FDIC and states; the prior OCC special-purpose fintech charter remained contested in litigation; Federal Reserve payments oversight and master accounts; the FedNow instant-payment service (live since 2023); Durbin Amendment debit interchange caps (Reg II); CFPB consumer protection (EFTA/Reg E)
  • Currency: the U.S. dollar (USD), free-floating; no exchange-control regime

Gambling regime — state-by-state within a federal perimeter:

  • Murphy v. NCAA (14 May 2018) — the Supreme Court struck down the Professional and Amateur Sports Protection Act (PASPA), letting each state authorise sports betting; roughly 38 states plus D.C. now permit it (mobile/online in most; a few retail-only)
  • Online casino (iGaming) — authorised in New Jersey, Pennsylvania, Michigan, West Virginia, Connecticut, Delaware and Rhode Island, with Maine authorised (tribal) and launching in 2026; Nevada permits online poker only; nationwide iGaming gross gaming revenue reached about USD 10.7 billion in 2025
  • Federal Wire Act (18 U.S.C. 1084; 1961) — bars interstate transmission of sports bets/wagers; DOJ Office of Legal Counsel opinions swung from sports-only (2011) to all gambling (2018), but the First Circuit in New Hampshire Lottery Commission v. Barr (January 2021) held the Act limited to sports wagering, the operative reading in practice today
  • UIGEA (31 U.S.C. 5361–5367; 2006) — prohibits gambling businesses from knowingly accepting payments for unlawful internet gambling; carve-outs for qualifying intrastate, intratribal and fantasy-sports activity and intermediate routing
  • IGRA (1988) — Indian Gaming Regulatory Act; tribal gaming via tribal-state compacts and NIGC oversight; in some states (e.g., Florida) statewide mobile betting runs as tribal gaming
  • State regulators and taxes — each state licenses and taxes separately (e.g., NJ DGE, PA Gaming Control Board, Nevada Gaming Control Board); commercial gaming set records in 2025 (about USD 78 billion revenue; roughly USD 17.9 billion in direct gaming taxes)
  • Federal excise — 0.25% of sports-betting handle plus USD 50 per employee per year (Internal Revenue Code)
  • Sweepstakes crackdown — several states (including California, Connecticut, Montana, New Jersey and New York) acted in 2025–2026 to ban dual-currency "sweepstakes" casinos (California's ban took effect 1 January 2026)
  • Minimum age is generally 21 for casino and most sports betting (18 in some states/products)

Last verified: May 2026. Reference rate: USD 1 = USD 1.00 — the United States dollar is the domestic currency, free-floating, and the world's primary reserve currency; all figures in this article are native USD.

The United States is not one licence but many: a federal stablecoin regime (GENIUS Act, effective by January 2027) and a pending market-structure bill (CLARITY Act) layered over SEC/CFTC oversight, FinCEN AML and a 49-state money-transmitter mosaic for crypto and payments, with gambling decided state-by-state after Murphy v. NCAA inside the federal Wire Act/UIGEA/IGRA perimeter.

Is there a crypto licence in the United States?

There is no single national crypto licence, but the framework is consolidating fast. The GENIUS Act (2025) creates a federal payment-stablecoin licence effective by January 2027; the CLARITY Act would add a CFTC-led market-structure regime but is still pending. Today, exchanges and custodians combine FinCEN MSB registration with state money-transmitter licences, plus a NY BitLicense or California DFAL licence where those states apply.

The legal foundation:

  • GENIUS Act (signed 18 July 2025; 12 U.S.C. 5901 et seq.) — federal payment-stablecoin regime; PPSI categories (insured-depository subsidiaries, OCC-approved federal qualified issuers, state-qualified issuers); 1:1 reserves, monthly disclosure, BSA status; effective the earlier of 18 January 2027 or 120 days after final rules
  • CLARITY Act (H.R. 3633) — House-passed July 2025; Senate Banking substitute advanced 14 May 2026; on the Senate calendar from 1 June 2026; pending reconciliation with the Senate Agriculture bill and the House text; would split CFTC (digital commodities) and SEC (investment-contract assets) jurisdiction
  • Securities and commodities — SEC (Howey-test securities; "Project Crypto" rulemaking under Chair Atkins; SAB 121 rescinded) and CFTC (BTC/ETH spot commodities; derivatives); joint SEC–CFTC interpretation March 2026
  • FinCEN / Bank Secrecy Act — MSB registration, AML programme, SARs/CTRs, Travel Rule for exchangers and administrators
  • State law — money-transmitter licensing across states; NY BitLicense (23 NYCRR 200); California DFAL (from 1 July 2026); other state-specific virtual-currency rules

Structure:

  • For stablecoins: a U.S.-formed PPSI approved by the OCC/Federal Reserve or a qualifying state regulator; reserve, disclosure and redemption obligations; mandatory transition to federal oversight above USD 10 billion outstanding
  • For exchanges/custody: a U.S. entity with FinCEN MSB registration plus state money-transmitter licences (and BitLicense/DFAL where required); AML/KYC, beneficial-ownership and cybersecurity programmes; bank-grade onboarding diligence
  • Custody/reserve businesses increasingly use OCC national trust charters (e.g., conditional approvals in 2025)

Operational reality:

  • The biggest single risk is categorisation and coverage, not a single application: the same business may be an MSB federally, a money transmitter in dozens of states, a BitLicensee in New York, a DFAL licensee in California and, for stablecoins, a PPSI — design the operating model and reserves for the GENIUS Act effective date and the likely CLARITY Act outcome
  • State-by-state licensing is the dominant cost and timeline driver; the NMLS smooths filings but New York and California remain bespoke
  • Independent U.S. legal, AML and tax counsel and direct verification with the SEC, CFTC, FinCEN, OCC and the relevant state regulators on current status are essential

Payments & E-money (FinCEN MSB + state money-transmitter licences; banking under OCC/Fed/FDIC)

Best for payment, remittance, wallet, card-programme and stablecoin-payment operators prepared to register federally and assemble state-by-state money-transmitter licences, and for groups ready to pursue a bank charter.

What it is: There is no federal e-money or payment-institution licence. Money movement is regulated federally through FinCEN MSB registration under the Bank Secrecy Act and at state level through money-transmitter licences (harmonised, in adopting states, by the CSBS Money Transmission Modernization Act). Deposit-taking and full banking require a charter from the OCC, the Federal Reserve/FDIC or a state.

Who it suits: Remittance and P2P providers, e-wallets and prepaid/stored-value programmes, card programme managers and acquirers, BNPL and stablecoin-payment operators, and banks/fintechs targeting the U.S. market and rails (ACH, card networks, FedNow, RTP).

Covers: Money transmission, remittance, stored value/e-money equivalents, payment processing, and (for stablecoins) issuance by a federally approved PPSI; deposit and lending activity under a bank charter.

Operational requirement: A U.S. entity; FinCEN MSB registration with a full AML/CFT programme (SARs/CTRs, Travel Rule); state money-transmitter licences in each state served, with surety bonds, minimum net worth and permissible-investment requirements (New York requires 100% permissible investments against transmission liabilities); CFPB consumer-protection compliance (EFTA/Reg E); card-network and Durbin/Reg II rules where applicable; substantial start-up capital for a de novo bank charter.

Headline figures

  • Primary instruments: Bank Secrecy Act (31 U.S.C. 5311 et seq.; 31 CFR Ch. X); state money-transmission statutes; CSBS Money Transmission Modernization Act; GENIUS Act (stablecoins); Dodd-Frank Act (CFPB; Durbin Amendment); Electronic Fund Transfer Act (Reg E)
  • Regulators: FinCEN (BSA/AML); state banking departments (MTLs); OCC, Federal Reserve, FDIC (banking); CFPB (consumer protection); NYDFS, California DFPI and other states for bespoke regimes
  • Entry capital/fees: no single figure — state-MTL surety bonds commonly from ~USD 10,000 to USD 1,000,000-plus (New York minimum USD 500,000); de novo bank capital set case-by-case
  • Coverage: every state except Montana licenses money transmission; NMLS is the common multistate platform
  • Harmonisation: MTMA adopted in whole or in part by a large majority of states (CSBS reported 27 as of mid-2025), covering ~99% of U.S. money-transmission activity
  • Infrastructure: ACH, card networks, RTP, and the Federal Reserve's FedNow instant-payment service (live since 2023)
  • Currency: USD, free-floating; no exchange controls

Is there a gambling licence in the United States?

Yes — but only state by state, and only where a state has authorised the relevant vertical. There is no federal gambling licence. Sports betting (about 38 states plus D.C.) and online casino (eight states) are each licensed and taxed by individual states, within a federal perimeter set by the Wire Act, UIGEA and IGRA, after Murphy v. NCAA (2018) ended the federal sports-betting ban.

The legal foundation:

  • Murphy v. NCAA (2018) — struck down PASPA; states may authorise sports betting
  • Federal Wire Act (18 U.S.C. 1084) — interstate sports-wagering prohibition; read as sports-only after the First Circuit's 2021 ruling
  • UIGEA (31 U.S.C. 5361–5367) — bars gambling businesses from knowingly processing payments for unlawful internet gambling; intrastate/intratribal/fantasy carve-outs
  • IGRA (1988) — tribal gaming via compacts and NIGC oversight
  • State gaming statutes and regulators — licensing, taxation and responsible-gambling rules per state (e.g., NJ DGE, PA Gaming Control Board, Nevada Gaming Control Board)

Structure:

  • A separate licence per state and per vertical (sports betting, online casino, land-based casino, lottery, tribal), each with its own application, suitability vetting, bonding and tax regime
  • Online casino is available only in authorised states (NJ, PA, MI, WV, CT, DE, RI, plus Maine launching 2026; Nevada online poker only); sports betting is far more widespread
  • Tribal operators license through compacts and the NIGC; some statewide mobile markets are structured as tribal gaming
  • Minimum age generally 21 (18 for some products/states); strict AML, geolocation and responsible-gambling controls

Gambling — State Sports-Betting and Online-Casino Licences (state gaming regulators)

Best for established operators and suppliers able to obtain and maintain separate, state-by-state licences and meet each state's suitability, tax and responsible-gambling standards.

What it is: State-issued authorisations to offer sports betting and/or online casino, granted and supervised by each state's gaming regulator, within the federal Wire Act/UIGEA/IGRA perimeter.

Who it suits: Multi-state sportsbook and iGaming operators (often partnered with a land-based licensee or tribe), platform and content suppliers, and tribal operators acting under compacts.

Covers: Online and retail sports betting where authorised; real-money online casino in the eight authorised states; land-based casino and lottery products per state law; tribal gaming under IGRA.

Operational requirement: A licence in each state served; corporate and individual suitability vetting; bonding and fees; state-specific tax; geolocation and identity verification; AML and BSA-aligned controls; responsible-gambling programmes; supplier/platform certifications.

Headline figures

  • Primary instruments: state gaming statutes; Wire Act (18 U.S.C. 1084); UIGEA (31 U.S.C. 5361–5367); IGRA (1988); Murphy v. NCAA (2018)
  • Regulators: individual state gaming authorities; NIGC (tribal)
  • Costs: state fees vary widely (some states, e.g. Pennsylvania, have charged USD 10,000,000 for certain interactive/sports certificates); confirm current schedules with each state
  • Tax/duty: state gaming taxes set per state and vertical, plus a federal excise of 0.25% of sports-betting handle and USD 50 per employee per year
  • Scale (2025): sports betting in ~38 states plus D.C.; online casino in 8 states; iGaming GGR ~USD 10.7 billion; total commercial gaming revenue ~USD 78 billion; gaming taxes ~USD 17.9 billion
  • Min age: generally 21 (18 in some states/products)

Costs and timelines at a glance

  • Crypto: no single federal licence — GENIUS Act PPSI regime (effective by 18 January 2027; OCC/Fed/FDIC/state; 1:1 reserves; USD 10bn state-to-federal threshold); CLARITY Act market-structure bill pending (House-passed July 2025; Senate Banking advanced May 2026); SEC/CFTC oversight; FinCEN MSB registration; state MTLs plus NY BitLicense (USD 5,000 application fee) and California DFAL (from 1 July 2026); IRS treats crypto as property (Form 1099-DA phasing in)
  • Payments primary instruments: Bank Secrecy Act (31 CFR Ch. X); state money-transmission statutes; CSBS Money Transmission Modernization Act; GENIUS Act (stablecoins); Dodd-Frank/Durbin; EFTA (Reg E)
  • Payments regulators: FinCEN (BSA/AML); state banking departments (MTLs via NMLS); OCC/Fed/FDIC (banking); CFPB (consumer protection); NYDFS, California DFPI (bespoke regimes)
  • Banking entry: charter from OCC/Fed/FDIC or state; substantial start-up capital set case-by-case; typically a 12-month-plus process
  • Reform pipeline: CLARITY Act and the Senate's Digital Commodity Intermediaries Act (market structure); GENIUS Act implementing rules across Treasury, OCC, Fed and FDIC; California DFAL go-live (1 July 2026); continued state MTMA adoption
  • Gambling: state-by-state after Murphy v. NCAA (2018); ~38 states plus D.C. for sports betting, 8 states for online casino; Wire Act (sports-only per the 2021 First Circuit ruling), UIGEA and IGRA; federal excise 0.25% of handle + USD 50/employee/year; high state entry costs in some states
  • Currency: USD, free-floating; world reserve currency; no exchange controls
  • FX: USD 1 = USD 1.00 (domestic currency)

Who the United States suits and who it does not

Suitable for

  • Stablecoin issuers and bank/nonbank groups able to qualify as a GENIUS Act PPSI (OCC/Fed/FDIC or qualifying state), meet 1:1 reserve, disclosure and BSA obligations, and plan for the USD 10 billion state-to-federal threshold
  • Exchanges, custodians and brokers prepared to combine FinCEN MSB registration with multistate money-transmitter licensing and, where needed, a NY BitLicense or California DFAL licence, and to design for the pending CLARITY Act market-structure regime
  • Payment, remittance, wallet, card-programme and BNPL operators comfortable assembling state-by-state MTLs (harmonised by the MTMA) with strong AML and consumer-protection programmes, plus groups pursuing a bank charter for federal reach and preemption
  • Multi-state sportsbook and iGaming operators, suppliers and tribal partners able to obtain and maintain separate state licences and meet each state's suitability, tax and responsible-gambling standards
  • Groups that value the world's deepest capital markets, USD settlement and a maturing federal crypto framework, and can resource genuine multi-regulator compliance

Not suitable for

  • Operators expecting a single national licence for crypto, payments or gambling — the U.S. is a federal–state patchwork, and coverage (not one filing) is the core cost and timeline driver
  • Crypto businesses unwilling or unable to license across many states plus New York and California, or to align with the GENIUS Act stablecoin regime and the evolving SEC/CFTC perimeter
  • Payment firms seeking an EU-style EMI or payment-institution passport — none exists; the route is FinCEN MSB registration plus state MTLs, or a bank charter
  • Gambling operators wanting nationwide reach from one authorisation, or planning to serve states that have not authorised the relevant vertical; offshore targeting of U.S. users runs into the Wire Act, UIGEA and state enforcement (including 2025–2026 sweepstakes crackdowns)
  • Businesses sensitive to overlapping federal and state supervision, unsettled market-structure legislation (CLARITY Act), or the high entry costs and suitability vetting of major gaming states

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