Banking Regulation
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.
Senator Elizabeth Warren has raised concerns over the approval of national trust bank charters for cryptocurrency companies. In a letter to the Comptroller of the Currency, she argued that nine such approvals violated the National Bank Act.
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The Office of the Comptroller of the Currency (OCC) has finalized a rule broadening national trust bank activities beyond fiduciary roles, enabling fintech and cryptocurrency firms to offer custody services without full banking licenses. This follows December 2025 charter approvals and recent closure of the comment period, despite strong opposition from state regulators.