FinTax Crypto Compliance Highlights — September 2026, Issue 2

Abstract

This report summarizes major tax and supervisory developments in the global crypto-asset industry during the second half of September 2026.

On the tax front, the U.S. House Ways and Means Committee approved the amended Digital Asset Tax Certainty Act and sent it to the full House for consideration. On the supervision front, the U.S. Commodity Futures Trading Commission (CFTC) updated its FAQs to address tokenized forms of permitted investments and blockchain-based recordkeeping. The U.S. Securities and Exchange Commission (SEC) issued FAQs providing further clarification on crypto-asset classification and investment contract analysis, and recently introduced an “Innovation Exemption” for tokenized stocks, allowing a limited pilot for onchain trading of certain U.S. stocks. The Federal Reserve proposed two payment stablecoin rules to implement the GENIUS Act and requested public comment. The European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) separately submitted recommendations to the European Commission in response to its targeted consultation on the review of MiCA, seeking to further improve the MiCA framework. The Bank of Russia introduced crypto-market access rules and specified registration requirements.

Part I Tax

1. U.S. House Ways and Means Committee Approves Digital Asset Tax Certainty Act by 38-5 Vote (09.16)

On September 16, the U.S. House Ways and Means Committee approved amended Digital Asset Tax Certainty Act (H.R. 10357) by a vote of 38-5 and sent the bill to the full House for consideration. The bill addresses stablecoins, small-value transaction expenses, charitable contributions, anti-abuse rules, mining and staking, voluntary disclosure and other areas, and could become the first federal law specifically addressing the substantive tax treatment of cryptocurrencies and other digital assets. Click here to read the original.

Part II Supervision

1. SEC Issues FAQs Clarifying Crypto-Asset Classification and Investment Contract Analysis (09.25)

On September 25, the U.S. Securities and Exchange Commission (SEC) published Frequently Asked Questions on the Application of the Federal Securities Laws to Certain Types of Crypto Assets and Certain Transactions Involving Crypto Assets and further updated the FAQs on September 28. The FAQs clarify issues addressed in the earlier interpretive release concerning crypto-asset classification and investment contract analysis, with a particular focus on functional networks, Staking Receipt Tokens, token buybacks, and promotional and marketing communications. Click here to read the original.

2. Federal Reserve Proposes Two Payment Stablecoin Rules to Implement the GENIUS Act (09.24)

The Federal Reserve Board proposed two rules related to implementing the GENIUS Act for payment stablecoins. The first proposal would establish full-reserve, capital and risk-management requirements for Board-supervised payment stablecoin issuers, while also addressing the safekeeping of reserve assets and related banking activities. The second proposal would establish an application process for Board-supervised banks seeking to issue payment stablecoins through subsidiaries. The comment period for both proposals closes on November 30, 2026. Click here to read the original.

3. CFTC Updates FAQs on Tokenized Permitted Investments and Blockchain Recordkeeping (09.24)

The U.S. Commodity Futures Trading Commission (CFTC) updated its crypto FAQs to permit futures commission merchants and clearing organizations to invest customer funds in tokenized forms of previously permitted investments, subject to the applicable investment and custody requirements. The updated FAQs also clarify that regulated firms may use blockchain technology to satisfy recordkeeping requirements. Click here to read the original.

4. SEC Issues “Innovation Exemption” to Facilitate the Trading of Tokenized NMS Stock and Request for Comment (09.17)

The U.S. Securities and Exchange Commission (SEC) issued a five-year “Innovation Exemption,” creating a new regulatory pilot framework for the tokenization and onchain secondary-market trading of certain U.S. stocks. Eligible Tokenized Securities Venues (TSVs) may trade tokenized National Market System (NMS) stocks using blockchain technology, smart contracts and automated market maker (AMM) liquidity pools, subject to conditions including investor-protection requirements, trading-volume limits and publicly auditable smart contracts. Click here to read the original.

5. EBA and ESMA Submit Recommendations to the European Commission on the MiCA Review (09.24)

On September 24, the European Banking Authority (EBA) published its response to the European Commission’s targeted consultation on the review of the Markets in Crypto-Assets Regulation (MiCA). Its key recommendations address risks and reserve requirements for third-country multi-issuer stablecoin schemes, crypto-asset classification, lending, the regulation of related decentralized finance (DeFi) activities, and reporting requirements. On September 30, the European Securities and Markets Authority (ESMA) submitted its response, recommending that the MiCA review address emerging business models including DeFi, staking and lending, while simplifying certain rules and strengthening investor protection. Click here to read the original.

6. UK FCA Publishes Cryptoasset Perimeter Guidance as Authorisation Application Window Opens (09.16)

On September 16, the UK Financial Conduct Authority (FCA) published Cryptoasset Perimeter Guidance (PS26/18) to help firms determine whether their activities require FCA authorisation under the UK’s new cryptoasset regulatory regime. The guidance clarifies the authorisation perimeter and exclusions for activities including stablecoin issuance, custody, trading and staking. The authorisation application window opened on September 30 and will remain open until February 28, 2027. Click here to read the original.

7. Bank of Russia Sets Crypto-Market Access Rules and Registration Requirements (09.24)

The Bank of Russia published rules establishing market-access procedures for digital depositories, cryptocurrency exchanges and operators of information systems used for issuing digital financial rights. The rules set out qualification requirements for members of management bodies and certain officers, required application documents, and registration procedures, while also providing simplified admission procedures for eligible existing market participants. The regulations entered into force on October 5, 2026. Click here to read the original.