Is P2P banned in US?

Excuse me, could you clarify something for me? I've been hearing conflicting information about the legality of peer-to-peer (P2P) transactions in the United States. Is P2P trading or exchanges of cryptocurrency actually banned in the US? I understand that there are regulations surrounding cryptocurrencies, but I'm not sure if P2P falls under those restrictions. Could you please shed some light on this matter? Thank you.