US regulators push user ID requirements for stablecoin issuers akin to regulated banks

The proposed rules by US government agencies suggested that stablecoin issuers be subject to customer identification program requirements under the Bank Secrecy Act, the same as regulated financial firms.

Several US government agencies responsible for financial regulation have issued a proposed rule as part of the implementation of stablecoin-focused legislation, pushing for similar identification guidelines for issuers as banks under federal law.

The Federal Deposit Insurance Corporation (FDIC), Federal Reserve, Office of the Comptroller of the Currency (OCC), National Credit Union Administration and the US Treasury’s Financial Crimes Enforcement Network (FinCEN) on Thursday proposed that stablecoin issuers be treated as regulated financial institutions in regard to verifying users’ identities. The proposed rule comes as part of the implementation of the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, signed into law in July 2025.

Source: Federal Register

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