No federal ban, but scrutiny on energy usage (EIA survey). State incentives vary (TX vs NY).
SEC signaling intent to regulate AMMs as exchanges. enforcement actions ongoing.
State-level trust charters (NYDFS). Federal stablecoin bill pending in Congress.
Enforced for transactions > $3,000 under Bank Secrecy Act.
Project Hamilton (Boston Fed). Political opposition high.
Highly fragmented regulatory environment. Securities laws aggressively applied to tokens. State-level money transmission laws apply.