Federal Reserve (FED) · U.S. Treasury · CoinDesk
U.S. agencies seek stablecoin customer-ID rules akin to banks in new GENIUS Act pitch
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The U.S. Federal Reserve, Treasury Department and other financial regulators are pushing a new stablecoin rule that treats issuers like other regulated financial firms when it comes to identifying their users, releasing their draft of the proposed rule on Thursday.
Key facts
- The Fed opened a 60-day public comment period alongside the other agencies in the joint effort, including the Office of the Comptroller of the Currency, Federal Deposit Insurance Corp
- In September, the regulators had issued a more preliminary document seeking comments to direct their GENIUS implementation in this and other areas, and the Treasury received 450 comments
- The Treasury's Financial Crimes Enforcement Network (FinCEN) has pursued its own related rule to apply the GENIUS Act anti-money laundering provisions on issuers
- The 130-page proposal poses these questions on that point: "Should any CIP requirement be extended to secondary market activity
Summary
Several U.S. agencies, including the Federal Reserve, Treasury, OCC and FDIC, are pushing the latest major GENIUS Act implementation effort to secure its approach to identifying stablecoin users. The GENIUS Act had mandated that stablecoin issuers be generally treated like more traditional firms, having to meet Bank Secrecy Act and customer-ID standards. The U.S. This effort marks the latest step in implementing last year's Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, the first major crypto law that puts a key aspect of the industry on the map of U.S. financial regulation.