US agencies seek bank-style ID rules for stablecoin issuers

Several US financial regulators issued a proposed rule that would require stablecoin issuers to comply with customer identification programs under the Bank Secrecy Act, similar to regulated banks. The FDIC, Federal Reserve, OCC, NCUA and the Treasury’s FinCEN put forward the proposal as part of implementing the GENIUS Act, signed into law in July 2025.

The rule will be open for 60 days of public comment after it is officially filed in the Federal Register. It is designed to address Anti‑Money Laundering and Countering the Financing of Terrorism requirements for stablecoin providers; Bank Secrecy Act minimum standards include verifying the identity of anyone seeking to open an account, keeping records and determining whether an individual is a suspected terrorist.

Agency actions are the latest steps in implementing GENIUS, which is expected to take effect 18 months after it was signed or 120 days after federal authorities finalize regulations.

United States

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