Illustration of U.S. regulators discussing stablecoin ID rules under GENIUS Act in an office setting.
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U.S. Agencies Propose Stablecoin Customer ID Rules Under GENIUS Act

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Federal regulators released a proposed rule Thursday requiring stablecoin issuers to verify customer identities in line with bank standards. The measure implements last year's GENIUS Act and opens a 60-day public comment period.

The Federal Reserve, Treasury Department, Office of the Comptroller of the Currency, Federal Deposit Insurance Corp. and National Credit Union Administration issued the joint proposal. It directs issuers to follow Bank Secrecy Act requirements for identity verification, record-keeping and screening against terrorist lists.

The 130-page document poses questions about extending rules to secondary market activity. Fed Governor Michael Barr voiced concern that the framework does not yet fully address illicit finance risks in those markets.

The GENIUS Act, enacted last year, treats stablecoin issuers like traditional financial firms. Earlier preliminary comments totaled 450 responses received by the Treasury.

Mitä ihmiset sanovat

Initial reactions on X highlight the proposed stablecoin customer ID rules under the GENIUS Act as a shift toward bank-like compliance, with some users viewing it positively for institutional adoption and regulatory clarity while others express skepticism over privacy trade-offs, secondary market impacts, and reduced anonymity.

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