United States of America vs Germany: crypto regulation compared

Side-by-side across all nine dimensions, each value linked to its primary government source.

Dimension	United States of America	Germany
CBDC status	Pilot cbdctracker.org ↗	Pilot cbdctracker.org ↗
Legal status	Legal, with restrictions IRS, U.S. Treasury ↗	Legal, with restrictions BaFin ↗
VASP licensing	Registration only Financial Crimes Enforcement Network (FinCEN), U.S. Department of the Treasury ↗	Regime in force Deutsche Bundesbank / BaFin (MiCAR Title V) ↗
Stablecoin rules	In force Office of the Comptroller of the Currency (OCC) — GENIUS Act ↗	In force Deutsche Bundesbank (MiCAR Titles III & IV) ↗
Tax treatment	Capital gains Internal Revenue Service (IRS) ↗	Mixed (CGT + income) Bundesfinanzministerium (BMF) — income tax + CARF ↗
DeFi treatment	Addressed U.S. Department of the Treasury ↗	Addressed Deutsche Bundesbank ↗
NFT classification	Addressed Internal Revenue Service (IRS) ↗	Addressed Federal Financial Supervisory Authority (BaFin) ↗
Mining policy	Restricted New York State – Chapter 58 of the Laws of 2022 (Senate Bill S6486D) ↗	—
Enforcement intensity	High U.S. Securities and Exchange Commission (SEC) ↗	Moderate Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) ↗