U.S. agencies propose bank-like customer-ID rules for stablecoins

The Federal Reserve, Treasury Department and other U.S. financial regulators released a draft rule that would require stablecoin issuers to meet the same customer-identification standards that apply to banks and brokerages as part of implementing the GENIUS Act.

The proposal says these standards "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 of known or suspected terrorists or terrorist organizations provided to the financial institution by any government agency." The agencies opened a 60-day public comment period for the notice of proposed rulemaking.

United States

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