US regulators propose stablecoin customer-ID rules under GENIUS Act

The Federal Reserve, Treasury, OCC and FDIC issued a proposed rule requiring stablecoin issuers to verify customer identities like banks do, as the next major step in implementing the GENIUS Act.

• Stablecoin issuers must follow Bank Secrecy Act rules including verifying customer names, addresses, and checking terrorist watchlists
• The proposed rule comes from the Fed, Treasury, OCC, FDIC, NCUA and FinCEN jointly
• A 60-day public comment period is now open before final rules can be enforced
• The GENIUS Act, passed last year, was the first major US crypto law putting stablecoins under federal regulation
• Tether (USDT) and Circle (USDC) dominate the market, but traditional firms are also entering

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