US regulators push user ID requirements for stablecoin issuers akin to regulated banks
US financial regulators — including the FDIC, Federal Reserve, OCC, NCUA, and FinCEN — proposed treating stablecoin issuers like regulated financial institutions for identity verification. The rule would apply Bank Secrecy Act standards to stablecoin providers under the GENIUS Act, including verifying customer identities, keeping records, and screening for terrorist ties. It is meant to support anti-money-laundering and counter-terrorism compliance as part of GENIUS implementation. The proposal will be open to public comment for 60 days after publication in the Federal Register. GENIUS, signed into law in July 2025, is expected to take effect 18 months after signing or 120 days after final implementing rules. Treasury has already issued related AML/CFT proposals, and other crypto legislation such as the CLARITY Act remains under consideration.
