Federal Agencies Propose Identity Verification Rule for Stablecoin Issuers

Five agencies propose requiring payment stablecoin issuers to implement customer identification programs matching bank requirements. The rule includes risk-based identity verification, records of customer data, terrorist list checks, customer notifications, and reliance on other financial institutions' procedures. It implements the GENIUS Act's mandate to treat stablecoin issuers as financial institutions under Bank Secrecy Act.