US Regulators Propose Customer Identification Rules for Stablecoin Issuers

Multiple U.S. financial regulators—including the Federal Reserve, FinCEN, the OCC, the FDIC and the NCUA—released a joint proposal on June 18 to require payment‑stablecoin issuers designated as PPSIs under the GENIUS Act to adopt a Customer Identification Program (CIP) comparable to that used by banks and credit unions. The rule would obligate issuers to collect and verify customer name, address, birth or incorporation date, identification numbers, retain records and screen against terrorist‑list databases. The proposal is slated for publication in the Federal Register on June 22, with a 60‑day comment period, and forms part of a broader effort to bring stablecoin activities under the anti‑money‑laundering framework established by the GENIUS Act.

The regulators emphasize that the CIP requirements apply to direct customers in the primary market, while they are seeking feedback on extending the rules to secondary‑market transactions. The rulemaking follows earlier agency‑specific proposals addressing licensing, risk management and capital standards for stablecoin issuers.