Fed, FinCEN and bank regulators propose customer ID rules for stablecoin issuers
federalreserve.gov •
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Promote with Leviathan NewsThe Fed said on June 18 that it is seeking comment on a joint proposal requiring certain payment stablecoin issuers to run effective customer identification programs comparable to banks and credit unions. The rulemaking, issued with FinCEN, OCC, FDIC and NCUA, implements GENIUS Act provisions treating permitted payment stablecoin issuers as Bank Secrecy Act financial institutions. Comments are due 60 days after the proposal is published in the Federal Register.
TLDR by @Benthic
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