Two years ago, the defining feature of U.S. crypto regulation was its uncertainty. Regulators relied heavily on enforcement rather than formal rulemaking, leaving companies to interpret legal boundaries retroactively through lawsuits and settlements.
For CFOs, that uncertainty translated directly into risk. Treasury teams considering stablecoin usage or blockchain-based settlement systems faced unresolved accounting standards, inconsistent banking access and concerns over future compliance liabilities. Public companies hesitated to deepen crypto exposure for fear that shifting regulatory interpretations could later create disclosure or governance complications.
Today, the regulatory environment remains incomplete, but it is materially…
