Crypto Regulation Update: New US and Canadian Rules for Digital Assets
United States: Crypto custody rules move forward
The U.S. Securities and Exchange Commission (SEC) proposed new crypto-custody rules on October 1, 2026, covering registered investment advisers and regulated funds. The proposal would create a tailored framework for holding crypto assets and expand the circumstances in which advisers and funds can provide crypto-related investment strategies. It is a proposal, not a final rule.
The Commodity Futures Trading Commission (CFTC) also remains active. On September 30, the agency obtained a federal court order requiring two Louisiana and Arkansas residents to pay more than $31 million over a fraud scheme involving digital assets and precious metals.
Separately, the CFTC's September 24 FAQ update addressed activities by registrants and registered entities involving crypto assets and blockchain technology, adding to the agency's current regulatory guidance for digital-asset derivatives markets.
The U.S. Treasury's implementation of the GENIUS Act is also progressing. Treasury said the Act's payment-stablecoin provisions are expected to take effect January 18, 2027, with federal or state authorization generally required for issuing payment stablecoins in the United States.
Canada: Fresh crypto-platform warnings
Canada's latest activity has focused on enforcement and investor protection rather than a new nationwide crypto law this week.
On September 30, the Ontario Securities Commission (OSC) warned that Risance Ltd. was not registered in Ontario to trade securities. The same day, the OSC issued a warning for Smjer Fundark, stating that the crypto-related website was not registered in Ontario to conduct securities trading.
Canada's broader anti-money-laundering framework is also under scrutiny. On September 29, Finance Minister François-Philippe Champagne welcomed the FATF/APG mutual evaluation of Canada's AML regime. FINTRAC said the evaluation found its financial intelligence supported 94% of investigations into money laundering and criminal-possession offences, while the agency produced 3,007 unique disclosures in 2025–26.
What this means
For traders and investors, the U.S. market is seeing concrete new regulatory proposals and continued digital-asset enforcement, while Canada's latest developments are centered on registration checks, investor warnings and AML oversight. Importers and exporters using crypto or stablecoins for cross-border payments should monitor U.S. stablecoin implementation and verify that Canadian counterparties and platforms are properly registered.