U.S. regulators have proposed new customer identification requirements for payment stablecoin issuers under the GENIUS Act, further aligning the sector with existing financial compliance standards. The proposal would require licensed issuers to verify customer identities, maintain records, and screen users against government watchlists, similar to current bank and credit union obligations. The goal is to strengthen anti-money laundering safeguards and more fully integrate stablecoin issuers into the regulated financial system.
The proposal was jointly issued by FinCEN, the FDIC, the OCC, the Federal Reserve, and the National Credit Union Administration (NCUA). Under the draft rules, stablecoin issuers must implement written Customer Identification Programs (CIPs) that address identity verification, recordkeeping, and compliance checks.
The GENIUS Act formally classifies permitted payment stablecoin issuers as financial institutions under the Bank Secrecy Act. As a result, they are required to comply with anti-money laundering (AML) and counter-terrorism financing standards that have long applied to traditional financial institutions.
Regulators state the proposal aims to hold stablecoin providers to the same compliance standards as banks while supporting continued innovation in digital payments.
NCUA Chairman Kyle Hauptman described the initiative as the next phase of GENIUS Act implementation. He said the framework sets clear standards for identifying account holders and helps protect the financial system from money laundering and terrorist financing risks.
The proposal is part of a broader wave of regulatory activity. Earlier this month, New York’s Department of Financial Services proposed updates to its stablecoin rules to align state oversight with the evolving federal framework, while maintaining requirements such as full reserve backing and redemption rights.
A 60-day public consultation period is now open, allowing industry participants to provide feedback before the rules are finalized. Once implemented, the framework would place stablecoin issuers alongside banks and other regulated financial institutions in the United States.
Today NCUA joined other federal agencies to announce a proposed rule for permitted payment stablecoin issuers to establish and maintain an effective customer identification program under the GENIUS Act. Interested in learning more? Visit https://t.co/JeYkuzZwAe for details.
— The NCUA (@TheNCUA) June 18, 2026
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