Federal Reserve Proposes Customer ID Rules for Stablecoin Issuers

The Federal Reserve proposed requiring stablecoin issuers to verify customer identities before opening accounts, extending bank-style anti-money laundering rules to digital assets under the new Genius Act framework.

• Issuers must collect legal name, date of birth, physical address, and government ID from each customer before opening an account.
• The proposal mirrors Customer Identification Program rules that banks have followed for over two decades.
• It follows the Genius Act signed in July 2025, which created the first federal stablecoin regulatory system.
• Public feedback will be accepted for 60 days before the rules can be finalized.
• Fed Governor Michael Barr warned stablecoins still face risks around reserve quality and regulatory arbitrage.

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Last updated 19 Jun 2026