US Regulators Propose Bank-Style Customer ID Rules for Stablecoin Issuers

The Fed, Treasury, FDIC, OCC, and NCUA jointly proposed requiring stablecoin issuers to verify customer identities under the GENIUS Act, treating them like banks for AML compliance.

• Issuers must establish Customer Identification Programs (CIPs) similar to bank requirements under anti-money laundering rules
• FDIC's companion proposal covers reserve assets, capital, liquidity, risk management, and custody standards
• Reserves backing payment stablecoins would get corporate deposit insurance, not pass-through for token holders
• Public comment period is 60 days before the framework is finalized

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