U.S. Agencies Draft Stablecoin ID Rule, Opening 60-Day Comment Period Under GENIUS Act
Updated
Updated · CoinDesk · Jun 18
U.S. Agencies Draft Stablecoin ID Rule, Opening 60-Day Comment Period Under GENIUS Act
3 articles · Updated · CoinDesk · Jun 18
Summary
A joint proposal from the Fed, Treasury, OCC, FDIC and NCUA would require U.S. stablecoin issuers to verify users’ identities, keep records and screen customers against terrorism lists.
The 130-page notice of proposed rulemaking implements the GENIUS Act’s Bank Secrecy Act mandate, treating issuers more like banks and brokerages to combat money laundering and illicit finance.
Michael Barr backed the effort but warned it may still miss illicit activity in secondary-market stablecoin transactions, urging scrutiny of whether customer-ID rules should extend beyond direct account openings.
The agencies opened a 60-day comment period after receiving 450 comments on a preliminary September request, with final joint rules and enforcement still to come.
Will America's new stablecoin laws cement the dollar's dominance or accelerate the rise of digital rivals?
With stablecoins now playing by bank rules, will traditional payment giants like Visa soon become obsolete?
As stablecoin issuers are forced to collect user data, have regulators created a massive new honeypot for cybercriminals?
Transforming Digital Payments: The GENIUS Act’s Regulatory Framework for U.S. Stablecoins and Its Global Ripple Effects
Overview
As of June 2026, the United States is moving quickly to regulate payment stablecoins after the president signed the GENIUS Act in July 2025. This law set a January 2027 deadline for full implementation and sparked a coordinated effort among federal agencies to define clear legal rules for stablecoin issuers. Over the past nine months, key agencies like the Treasury, OCC, FDIC, and NCUA have issued important proposed rules. These steps are crucial for providing regulatory clarity and encouraging stablecoin issuers to operate within the U.S., supporting a safer and more transparent digital asset market.