नियमावली आई: कैसे राज्य नवाचार ने संघीय स्पष्टता को मजबूर किया

“वाइल्ड वेस्ट” से स्थापित कानून तक

In 2019, the narrative was that “regulation is coming.” In late 2025, we can finally say that regulation has arrived. The early patchwork of state-level experiments has matured into robust legal frameworks, forcing the federal government to finally clarify its stance on digital assets.

While the SEC spent years attempting to regulate by enforcement, proactive states like Wyoming and Colorado built the lifeboats that the industry is now using. Here is how the regulatory map looks today.

The State Leaders

Wyoming: DAO का स्वर्ग

Wyoming ने अमेरिका में सबसे अधिक क्रिप्टो-मैत्रीपूर्ण अधिकार क्षेत्र के रूप में अपनी अग्रणी स्थिति बनाए रखी है। जबकि 2019 में “उपयोगिता टोकन” को परिभाषित करने पर ध्यान था, 2024-2025 का दौर Decentralized Unincorporated Nonprofit Association (DUNA) अधिनियम द्वारा परिभाषित किया गया है।

Effective 1 जुलाई 2024, this law solved the biggest problem in DeFi: liability. It allows Decentralized Autonomous Organizations (DAOs) to engage in legal contracts, open bank accounts, and pay taxes without their individual members facing personal liability. It effectively treats DAOs as legal entities, a massive leap forward from the uncertainty of previous years.

Colorado: उपभोक्ता सुरक्षा & कियोस्क

Colorado ने अपने प्रारंभिक “Digital Token Act” से आगे बढ़कर एकीकरण और उपभोक्ता सुरक्षा पर ध्यान केंद्रित किया। अब राज्य सक्रिय रूप से कर भुगतान के लिए क्रिप्टोकरेंसी स्वीकार करता है, जिससे इस संपत्ति वर्ग का सामान्यीकरण हुआ है।

More recently, in 2025, Colorado passed the Vending of Digital Assets Act. This legislation specifically targets “Bitcoin ATMs” and crypto kiosks, imposing daily transaction limits (e.g., $2,000 for new customers) and mandatory refund windows to combat the rising tide of elder fraud and pig-butchering scams often facilitated by these machines.

Rhode Island: अनुयायी

Rhode Island ने Economic Growth Blockchain Act पेश करके अपने कानूनों को आधुनिक बनाना जारी रखा है। Wyoming की सफलता के बाद निकटता से मॉडल किया गया यह विधेयक “विशेष उद्देश्य जमा संस्थानों” (SPDIs) बनाने का लक्ष्य रखता है ताकि अनबैंक्ड क्रिप्टो सेक्टर को बैंकिंग प्रदान की जा सके, यह साबित करते हुए कि “Wyoming Model” राज्य-स्तर के नियमन के लिए राष्ट्रीय मानक बन रहा है।

पूर्वनिर्णय: SEC v. Ripple समाप्त

The 2019 article noted that “all eyes are on the result of the trial” regarding XRP. That saga has finally reached its conclusion, providing the clarity the industry desperately needed.

The multi-year legal battle ended with a split decision that fundamentally changed US securities law:

• The Ruling: The court determined that XRP itself is not a security. Furthermore, sales of XRP on secondary markets (exchanges) to retail investors do not constitute securities transactions.
• The Penalty: While Ripple was found liable for early institutional sales, the final penalty was approximately $125 million—a fraction of the $2 billion the SEC originally sought.

This ruling effectively killed the SEC’s argument that “all tokens are securities,” forcing the agency to pivot away from aggressive litigation and toward the more collaborative stance we are seeing in late 2025.

संघीय दृष्टिकोण: “GENIUS” युग

With the courts curbing the SEC’s overreach, Congress has stepped in. The rescinding of SAB 121 (which prevented banks from holding crypto) and the advancement of federal stablecoin legislation (often referred to as the GENIUS Act framework) signal that the US is finally open for business.

सारांश

The era of uncertainty is over. We now know that DAOs have a home in Wyoming, retail token sales are generally not securities transactions, and banks can finally custody digital assets. The question is no longer “will regulation ban crypto?” but rather “which state offers the best framework for your business?”