Blockchain Governance: A Review of Global Regulatory Frameworks (North America)
Introduction
Blockchain technology has gained widespread use and recognition, especially in cryptocurrency, digital assets, and decentralised finance (DeFi) related activities. As a result, governments around the world are now more than ever moving towards regulating these activities through legislation. This article, the first part of a series, curates legislative and regulatory efforts, highlights significant legal cases, and includes references to relevant laws and regulations.
Federal Legislations
Classifies crypto exchanges as Money Service Businesses (MSB)
Subject to regulatory compliance requirements, such as Know Your Customer (KYC) and AML rules.
Mandates registration with the Financial Crimes Enforcement Network (FinCEN).
Applied to cryptocurrency tokens.
Notable legal cases: SEC v. Ripple Labs Inc. (2020) & SEC v. LBRY Inc.’s LBC tokens (2023)
Regulates cryptocurrency derivatives and futures considered commodities.
Oversight by the Commodity Futures Trading Commission (CFTC).
Notable legal cases: CFTC v. Changpeng Zhao & Binance (2023) & CFTC v. Uniswap Labs and CFTC v. KuCoin (2024)
Infrastructure Investment and Jobs Act (IIJA 2021)
Significant regulations for digital assets, effective from 1st January 2025.
Brokers must report transactions to the Internal Revenue Service (IRS) with Form 1099-DA.
Amended Section 6050I Internal Revenue Code (1986) and included digital assets in the definition of “cash”.
Transactions over $10,000 must be reported to the IRS using Form 8300.
State Legislations
New York (BitLicense Regulation of 2015): Crypto businesses need licenses from the New York Department of Financial Services (NYDFS) and follow strict compliance requirements—licensed businesses: Circle Internet Financial, Coinbase, and XRP II.
Wyoming
Created Special Purpose Depository Institutions in 2019 (SPDIs) as fully-reserved banks focused on digital assets and securities. Custodia Bank & Kraken Bank are registered as SPDIs.
Recognised decentralised autonomous organisations (DAOs) as limited liability companies. American CryptoFed DAO is the first DAO under this law.
Wyoming Stable Token Act (2023) creates stable tokens and the Stable Token Commission.
Texas: Established the Strategic Bitcoin Reserve.
Arizona: Created the Bitcoin Reserve Fund and regulations for unclaimed digital assets.
New Hampshire: Authorises state investments in digital assets.
Executive Orders and Legislative Bills
Financial Innovation and Technology for the 21st Century Act (FIT21) is currently in the U.S Congress and establishes a more transparent regulatory framework for digital assets.
Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS Act 2025) is a comprehensive legal framework for stablecoins.
Executive Order 14178 (2025) supports responsible growth and use of digital assets and blockchain technologies and repeals Executive Order 14067.
Executive Order (2025) – Establishes the Strategic Bitcoin Reserve and Digital Asset Stockpile, and how to deal with seized or forfeited digital assets.
Regulatory Guidelines (2021) for crypto trading platforms.
The CSA maintains a list of registered and banned crypto trading platforms.
Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTF) & PCMLTF Regulation: This act mandates that crypto-trading platforms comply with all AML obligations, failure of which is subject to penalty.
Canada Revenue Agency (CRA): Guidelines on how cryptoassets are taxed. Under the Canadian Excise Tax Act, cryptoassets are defined as property.
FINTECH Law (2018): The legal framework guiding financial technology institutions dealing with virtual assets. It gives the Bank of Mexico oversight mandate.
Banxico Circular 4/2019 (Banxico): Regulates virtual assets transactions.
LFPIORPI 2012:
Categorises operations with virtual assets as vulnerable activities.
Mandates compliance obligations, such as registration with the Tax Administration Service, and reporting to the Financial Intelligence Unit when transactions exceed the established warning threshold.
Steering Group on the Virtual Assets Industry is developing a regulatory framework for virtual assets.
Financial Services Commission (FSC) public questionnaire for crypto regulation framework. This is a leap forward for the FSC, whose 2023 Act restricted the operation of virtual assets activities until December 31, 2025.
Crypto-related activities are permitted for lawful purposes, and the constitutional freedom protects investment.
Cryptoassets do not represent legal tender and are not viable for tax obligations.
The Digital Assets and Registered Exchanges Act - DARE 2024: Comprehensive regulations for digital assets and cryptocurrency-related activities.
The Securities Commission of the Bahamas (SCB) maintains a Register for digital assets businesses in the country.
Ley No. 1072 (2021): Amends AML Law No.77 and Banking Law No. 561 to include regulations for virtual asset services and virtual asset service providers (VASPs).
Resolución CDMF-XIII-2-25 (April 2025) & Resolución Administrativa (May 2025) are Central Bank resolutions that regulate VASPs and detail the registration and operational oversight procedures, respectively.
Bill No. 697 (2021-2022): Crypto bill that the president vetoed.
Draft Bill No. 247 (2025): A Draft Law in Congress that revises and expands the previous Bill No. 697. It will create a National Council for Digital Assets.
La Resolución 215/2021 del Banco Central de Cuba (BCC) regulates virtual assets and VASPs. It mandates that VASPs be licensed by the BCC for crypto-related services.
La Resolución 8/2022: An addendum to Resolution 215/2021. It highlights the process for granting licences to VASPs. In February 2025, EBIORO UAB received its licence.
Virtual Asset Business (Amendment 2025) updates and refines the VAB Act of 2022, the previous law regulating VASPs, by aligning its provisions more closely with the Financial Action Task Force (FATF) standards and broadening licensing and regulatory oversight.
Virtual Asset Business Regulations (Statutory Instrument No. 37 of 2025) provide the procedures for regulating and supervising virtual asset businesses.
The Digital Assets Business Act (No.16 of 2020) creates the legal framework for licensing and stipulates compliance standards for digital asset providers. The Financial Services Regulatory Commission issues licences, and unlicensed businesses are subject to fines, imprisonment, or both.
Digital Asset Business Regulations (S.I. No. 38 of 2021) stipulate the licensing procedures and compliance obligations for Digital Asset Businesses.
Ley Bitcoin (2021) – Bitcoin Law that previously made Bitcoin legal tender in El Salvador and granted it full legal power for all transactions.
Reglamento de la Ley Bitcoin (2021) – Bitcoin Law Regulations that specify the registration process for bitcoin service providers, outline compliance standards, and create the Bitcoin Service Provider Registry.
Ley de Emisión de Activos Digitales (2022)—The Digital Asset Issuance Law establishes the legal framework for digital asset issuance and trading and creates the National Commission of Digital Assets (CNAD).
Reformas a la Ley Bitcoin (2025) – Reforms to the Bitcoin Law amended the Bitcoin Law of 2021. Some amendments include making Bitcoin’s acceptance voluntary, repealing the automatic USD–BTC convertibility, and requiring state obligations to be settled in the currency contracted initially.
Conclusion
Global blockchain-based activities governance is adapting to the mainstreaming of blockchain technology-based activities. In North America, the approaches adopted so far range from comprehensive legal frameworks to legislative bills and governmental guidelines. Belize, a country that once held a restrictive stance towards blockchain-based activities, is now embracing proactive regulations, and other countries appear to follow the same path. As blockchain-based operations continue to take centre stage globally, regulatory responses are bound to increase, impacting the future of blockchain-related activities trends. Future series will examine the regulatory outlook of other continents.