US regulators push user ID requirements for stablecoin issuers akin to regulated banks

Written by Turner Wrightstaff writerReviewed by Robert Lakinstaff editorWritten by Turner Wrightstaff writerReviewed by Robert Lakinstaff editorUS regulators push user ID requirements for stablecoin issuers akin to regulated banksLatest NewsPublishedJun 18, 2026The proposed rules by US government agencies suggested that stablecoin issuers be subject to customer identification program requirements under the Bank Secrecy Act, the same as regulated financial firms.Several US government agencies responsible for financial regulation have issued a proposed rule as part of the implementation of stablecoin-focused legislation, pushing for similar identification guidelines for issuers as banks under federal law.The Federal Deposit Insurance Corporation (FDIC), Federal Reserve, Office of the Comptroller of the Currency (OCC), National Credit Union Administration and the US Treasury’s Financial Crimes Enforcement Network (FinCEN) on Thursday proposed that stablecoin issuers be treated as regulated financial institutions in regard to verifying users’ identities. The proposed rule comes as part of the implementation of the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, signed into law in July 2025.Source: Federal RegisterThe proposed rule, which will be open to public comment for 60 days after it is officially filed in the US Federal Register on Monday, is intended to address Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) requirements for stablecoin providers through the GENIUS Act. The minimum standards under the Bank Secrecy Act for financial institutions — potentially applied to stablecoin issuers under GENIUS — include “verifying the identity of any person seeking to open an account,” maintaining records of that information, and determining if the individual is a suspected terrorist or part of any terrorist organization.The agencies’ actions were the latest implementation related to GENIUS, largely championed by …

US regulators push user ID requirements for stablecoin issuers akin to regulated banks

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