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Tokenization rules by state
For institutions, RIAs and fintechs: who regulates securities in each state, which crypto bank or trust charters exist, and which license law covers digital-asset activity. Every filled cell links to an official page. "Unverified" means we have not confirmed it yet; we never fill in from memory. Checked Nov 4, 2026.
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Coverage so far: securities regulator confirmed for 20 of 51; charters confirmed for New York and Wyoming; license law confirmed for 12 states. More added as we check.
| State | Securities regulator | Crypto bank / trust charter | Money transmitter / digital-asset license law |
|---|---|---|---|
| Alabama | Alabama Securities Commission | Unverified: Not yet checked on an official page. | Unverified: Money transmitter / digital-asset license law not yet confirmed on an official page. |
| Alaska | Unverified: Not yet confirmed on the regulator's own site; use the NASAA directory. | Unverified: Not yet checked on an official page. | Unverified: Money transmitter / digital-asset license law not yet confirmed on an official page. |
| Arizona | Arizona Corporation Commission, Securities Division | Unverified: Not yet checked on an official page. | Unverified: Money transmitter / digital-asset license law not yet confirmed on an official page. |
| Arkansas | Arkansas Securities Department | Unverified: Not yet checked on an official page. | Unverified: Money transmitter / digital-asset license law not yet confirmed on an official page. |
| California | California Department of Financial Protection and Innovation (DFPI) | Unverified: Not yet checked on an official page. | Digital Financial Assets Law (AB 39 / SB 401, 2023; deadline extended by AB 1934 to July 1, 2026) · California Department of Financial Protection and Innovation (DFPI) (checked 2026-11-02) DFAL licensing in force July 1, 2026 (DFPI). |
| Colorado | Colorado Division of Securities | Unverified: Not yet checked on an official page. | Unverified: Money transmitter / digital-asset license law not yet confirmed on an official page. |
| Connecticut | Unverified: Not yet confirmed on the regulator's own site; use the NASAA directory. | Unverified: Not yet checked on an official page. | Unverified: Money transmitter / digital-asset license law not yet confirmed on an official page. |
| Delaware | Delaware Department of Justice, Investor Protection Unit | Unverified: Not yet checked on an official page. | Unverified: Money transmitter / digital-asset license law not yet confirmed on an official page. |
| District of Columbia | Unverified: Not yet confirmed on the regulator's own site; use the NASAA directory. | Unverified: Not yet checked on an official page. | Unverified: Money transmitter / digital-asset license law not yet confirmed on an official page. |
| Florida | Unverified: Not yet confirmed on the regulator's own site; use the NASAA directory. | Unverified: Not yet checked on an official page. | Chapter 560, Florida Statutes (Money Services Businesses): s. 560.103 definitions incl. 'virtual currency' and 'money transmitter'; s. 560.125 unlicensed activity · Florida Office of Financial Regulation (OFR) (checked 2026-11-04) |
| Georgia | Unverified: Not yet confirmed on the regulator's own site; use the NASAA directory. | Unverified: Not yet checked on an official page. | O.C.G.A. § 7-1-680 to 7-1-698 (sellers of payment instruments and money transmitters); exemptions in § 7-1-682 · Georgia Department of Banking and Finance (DBF) (checked 2026-11-03) |
| Hawaii | Hawaii Business Registration Division, Securities Enforcement Branch | Unverified: Not yet checked on an official page. | Unverified: Money transmitter / digital-asset license law not yet confirmed on an official page. |
| Idaho | Unverified: Not yet confirmed on the regulator's own site; use the NASAA directory. | Unverified: Not yet checked on an official page. | Unverified: Money transmitter / digital-asset license law not yet confirmed on an official page. |
| Illinois | Unverified: Not yet confirmed on the regulator's own site; use the NASAA directory. | Unverified: Not yet checked on an official page. | Money Transmission Modernization Act (205 ILCS 658); Digital Assets and Consumer Protection Act (205 ILCS 731, P.A. 104-0428) · Illinois Department of Financial and Professional Regulation (IDFPR), Division of Financial Institutions (checked 2026-11-03) |
| Indiana | Indiana Secretary of State, Securities Division | Unverified: Not yet checked on an official page. | Unverified: Money transmitter / digital-asset license law not yet confirmed on an official page. |
| Iowa | Unverified: Not yet confirmed on the regulator's own site; use the NASAA directory. | Unverified: Not yet checked on an official page. | Unverified: Money transmitter / digital-asset license law not yet confirmed on an official page. |
| Kansas | Unverified: Not yet confirmed on the regulator's own site; use the NASAA directory. | Unverified: Not yet checked on an official page. | Unverified: Money transmitter / digital-asset license law not yet confirmed on an official page. |
| Kentucky | Unverified: Not yet confirmed on the regulator's own site; use the NASAA directory. | Unverified: Not yet checked on an official page. | Unverified: Money transmitter / digital-asset license law not yet confirmed on an official page. |
| Louisiana | Unverified: Not yet confirmed on the regulator's own site; use the NASAA directory. | Unverified: Not yet checked on an official page. | Unverified: Money transmitter / digital-asset license law not yet confirmed on an official page. |
| Maine | Unverified: Not yet confirmed on the regulator's own site; use the NASAA directory. | Unverified: Not yet checked on an official page. | Unverified: Money transmitter / digital-asset license law not yet confirmed on an official page. |
| Maryland | Unverified: Not yet confirmed on the regulator's own site; use the NASAA directory. | Unverified: Not yet checked on an official page. | Unverified: Money transmitter / digital-asset license law not yet confirmed on an official page. |
| Massachusetts | Unverified: Not yet confirmed on the regulator's own site; use the NASAA directory. | Unverified: Not yet checked on an official page. | unknown (not confirmed from the regulator today) · Massachusetts Division of Banks (checked 2026-10-30) |
| Michigan | Michigan LARA, Corporations, Securities & Commercial Licensing Bureau | Unverified: Not yet checked on an official page. | Money Transmission Services Act, 2006 PA 250, MCL 487.1001 et seq. (definitions in MCL 487.1003) · Michigan Department of Insurance and Financial Services (DIFS) (checked 2026-11-04) |
| Minnesota | Unverified: Not yet confirmed on the regulator's own site; use the NASAA directory. | Unverified: Not yet checked on an official page. | Unverified: Money transmitter / digital-asset license law not yet confirmed on an official page. |
| Mississippi | Mississippi Secretary of State, Securities Division | Unverified: Not yet checked on an official page. | Unverified: Money transmitter / digital-asset license law not yet confirmed on an official page. |
| Missouri | Unverified: Not yet confirmed on the regulator's own site; use the NASAA directory. | Unverified: Not yet checked on an official page. | Unverified: Money transmitter / digital-asset license law not yet confirmed on an official page. |
| Montana | Montana Commissioner of Securities and Insurance | Unverified: Not yet checked on an official page. | Unverified: Money transmitter / digital-asset license law not yet confirmed on an official page. |
| Nebraska | Unverified: Not yet confirmed on the regulator's own site; use the NASAA directory. | Unverified: Not yet checked on an official page. | Unverified: Money transmitter / digital-asset license law not yet confirmed on an official page. |
| Nevada | Unverified: Not yet confirmed on the regulator's own site; use the NASAA directory. | Unverified: Not yet checked on an official page. | Unverified: Money transmitter / digital-asset license law not yet confirmed on an official page. |
| New Hampshire | Unverified: Not yet confirmed on the regulator's own site; use the NASAA directory. | Unverified: Not yet checked on an official page. | Unverified: Money transmitter / digital-asset license law not yet confirmed on an official page. |
| New Jersey | Unverified: Not yet confirmed on the regulator's own site; use the NASAA directory. | Unverified: Not yet checked on an official page. | New Jersey Money Transmitters Act, N.J.S.A. 17:15C-1 et seq. · New Jersey Department of Banking and Insurance (DOBI) (checked 2026-11-04) |
| New Mexico | New Mexico Regulation and Licensing Department, Securities Division | Unverified: Not yet checked on an official page. | Unverified: Money transmitter / digital-asset license law not yet confirmed on an official page. |
| New York | Unverified: Not yet confirmed on the regulator's own site; use the NASAA directory. | NY limited purpose trust company charter (can custody as fiduciary; may do virtual currency business with Superintendent approval), NYDFS | 23 NYCRR Part 200 (BitLicense); NY Banking Law Article 13-B (money transmission) · New York State Department of Financial Services (DFS) (checked 2026-10-30) BitLicense (23 NYCRR Part 200) covers virtual currency business activity involving New York residents; fiat transmission needs a separate money transmitter license unless chartered as a limited purpose trust (NYDFS, checked 2026-11-04). |
| North Carolina | North Carolina Secretary of State, Securities Division | Unverified: Not yet checked on an official page. | North Carolina Money Transmitters Act, G.S. Chapter 53, Article 16B (G.S. 53-208.42(13) and (20); 53-208.43) · North Carolina Office of the Commissioner of Banks (NCCOB) (checked 2026-11-03) |
| North Dakota | Unverified: Not yet confirmed on the regulator's own site; use the NASAA directory. | Unverified: Not yet checked on an official page. | Unverified: Money transmitter / digital-asset license law not yet confirmed on an official page. |
| Ohio | Unverified: Not yet confirmed on the regulator's own site; use the NASAA directory. | Unverified: Not yet checked on an official page. | Ohio Money Transmitters Act, R.C. 1315.01(G) and 1315.02; DFI Interpretive Guidance 2022-01 · Ohio Department of Commerce, Division of Financial Institutions (DFI) (checked 2026-11-02) |
| Oklahoma | Unverified: Not yet confirmed on the regulator's own site; use the NASAA directory. | Unverified: Not yet checked on an official page. | Unverified: Money transmitter / digital-asset license law not yet confirmed on an official page. |
| Oregon | Unverified: Not yet confirmed on the regulator's own site; use the NASAA directory. | Unverified: Not yet checked on an official page. | Unverified: Money transmitter / digital-asset license law not yet confirmed on an official page. |
| Pennsylvania | Pennsylvania Department of Banking and Securities | Unverified: Not yet checked on an official page. | Money Transmission and Virtual Currency Transmission Business Licensing Law, section 2 (7 P.S. § 6102), as amended by Act 7 of 2025 (SB 202) · Pennsylvania Department of Banking and Securities (DoBS) (checked 2026-11-02) |
| Rhode Island | Rhode Island Department of Business Regulation, Securities Division | Unverified: Not yet checked on an official page. | Unverified: Money transmitter / digital-asset license law not yet confirmed on an official page. |
| South Carolina | Unverified: Not yet confirmed on the regulator's own site; use the NASAA directory. | Unverified: Not yet checked on an official page. | Unverified: Money transmitter / digital-asset license law not yet confirmed on an official page. |
| South Dakota | South Dakota Division of Insurance and Securities Regulation | Unverified: Not yet checked on an official page. | Unverified: Money transmitter / digital-asset license law not yet confirmed on an official page. |
| Tennessee | Unverified: Not yet confirmed on the regulator's own site; use the NASAA directory. | Unverified: Not yet checked on an official page. | Unverified: Money transmitter / digital-asset license law not yet confirmed on an official page. |
| Texas | Texas State Securities Board | Unverified: Not yet checked on an official page. | Texas Finance Code Chapter 152; Texas DOB Supervisory Memorandum 1037 (revised Jan 28, 2025) · Texas Department of Banking (checked 2026-11-03) |
| Utah | Utah Division of Securities | Unverified: Not yet checked on an official page. | Unverified: Money transmitter / digital-asset license law not yet confirmed on an official page. |
| Vermont | Vermont Department of Financial Regulation, Securities Division | Unverified: Not yet checked on an official page. | Unverified: Money transmitter / digital-asset license law not yet confirmed on an official page. |
| Virginia | Unverified: Not yet confirmed on the regulator's own site; use the NASAA directory. | Unverified: Not yet checked on an official page. | Unverified: Money transmitter / digital-asset license law not yet confirmed on an official page. |
| Washington | Washington Department of Financial Institutions, Securities Division | Unverified: Not yet checked on an official page. | Unverified: Money transmitter / digital-asset license law not yet confirmed on an official page. |
| West Virginia | Unverified: Not yet confirmed on the regulator's own site; use the NASAA directory. | Unverified: Not yet checked on an official page. | Unverified: Money transmitter / digital-asset license law not yet confirmed on an official page. |
| Wisconsin | Unverified: Not yet confirmed on the regulator's own site; use the NASAA directory. | Unverified: Not yet checked on an official page. | Unverified: Money transmitter / digital-asset license law not yet confirmed on an official page. |
| Wyoming | Unverified: Not yet confirmed on the regulator's own site; use the NASAA directory. | Special Purpose Depository Institution (SPDI) charter, Wyoming Division of Banking | Unverified: Money transmitter / digital-asset license law not yet confirmed on an official page. |
Informational only, not legal advice. Each cell shows its own source and checked date; "unverified" means we have not confirmed it on an official page yet. Tokenized NMS stocks sold through SEC-registered broker-dealers are federally covered securities; state rules mostly differ for crypto settlement legs, custody charters and non-covered offerings.
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