U.S. agencies seek stablecoin customer-ID rules akin to banks in new GENIUS Act rule

PolicyU.S. agencies seek stablecoin customer-ID rules akin to banks in new GENIUS Act ruleThe Federal Reserve, Treasury and other regulators have issued a proposed rule that would set identification standards, and it's now open for public comments. By Jesse Hamilton|Edited by Nikhilesh De Jun 18, 2026, 5:17 p.m. 3 min readMake preferred on ShareShare this articleCopy linkX iconX (Twitter)LinkedInFacebookEmailMake preferred on SummaryShowSeveral 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.The U.S. Federal Reserve, Treasury Department and other financial regulators are pushing a new stablecoin rule that treats issuers like other regulated financial firms when it comes to identifying their users, releasing their draft of the proposed rule on Thursday.This effort marks the latest step in implementing last year's Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act — the first major crypto law that puts a key aspect of the industry on the map of U.S. financial regulation. Like more traditional financial firms, such as banks and brokerages, U.S. stablecoin issuers must meet the demands of the Bank Secrecy Act and maintain a system of verification for customers' identities, which is meant to combat money laundering, illicit finance and terrorism funding.These standards, according to the rule proposal, "must include reasonable procedures for: (1) verifying the identity of any person seeking to open an account to the extent reasonable and practicable; (2) maintaining records of the information used to verify a person’s identity, including name, address, and other identifying information; and (3) determining whether the person appears on any lists …

U.S. agencies seek stablecoin customer-ID rules akin to banks in new GENIUS Act rule

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