U.S. agencies seek stablecoin customer-ID rules akin to banks in new GENIUS Act rule
The Federal Reserve, Treasury and other regulators have issued a proposed rule that would set identification standards, and it’s now open for public comments.
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Summary
- Several U.S. agencies — including the Federal Reserve, Treasury, OCC and FDIC — are pushing the latest major GENIUS Act implementation effort to secure its approach to identifying stablecoin users.
- The GENIUS Act had mandated that stablecoin issuers be generally treated like more traditional firms, having to meet Bank Secrecy Act and customer-ID standards.
