The Federal Reserve Board, together with other federal agencies, is requesting public comment on a proposed rule that would require certain payment stablecoin issuers to establish customer identification programs comparable to those of banks and credit unions.
Announced June 18, 2026, the joint rulemaking seeks to bring permitted payment stablecoin issuers under the Bank Secrecy Act framework as financial institutions. This move is part of wider efforts to implement the Guiding and Establishing National Innovation for U.S. Stablecoins Act, or the GENIUS Act.
Under the proposal, these issuers would need to have an effective customer identification program. This includes verifying the identities of customers opening accounts, keeping records of that information, and following procedures intended to prevent illicit financial activities. The requirements are tailored to the size and complexity of each issuer and the standards already applied to banks.
The move was necessary to strengthen oversight of a fast-growing sector, officials said. Stablecoins have become a central element of digital payments and crypto markets, but they have also come under scrutiny for potential risks related to money laundering and other financial crimes.
The proposal is from several agencies, including the Financial Crimes Enforcement Network at the Treasury Department, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the National Credit Union Administration. It covers issuers under federal oversight and those subject to certain state oversight.
Comments on the plan will be accepted for 60 days after its publication in the Federal Register. The banking industry, stablecoin companies, and consumer groups stakeholders are expected to give their input on how these rules could impact innovation, compliance costs, and market competition.
“The customer identification requirements represent an important alignment with existing bank rules,” said Governor Michael S. Barr in a statement of support. He also said there are still concerns about risks from secondary market transactions involving stablecoins, and that regulators would examine public feedback on whether further steps are needed.
This underscores the continued regulatory focus on the integration of digital asset activities with standard financial protections. As stablecoins are used more for everyday payments and cross-border transfers, authorities are working to ensure the sector does not become a weak point for financial crime.
Industry observers will be closely watching the final rules. For businesses that are already in this space, the proposal suggests a move towards more structured compliance expectations. Implementation questions may be particularly acute for smaller issuers and those seeking state supervision.
Full details of the proposal, including specific regulatory text and questions for comment, are available in the Federal Register notice. Interested parties may submit feedback through channels established by each participating agency.
The latest action comes after a series of actions taken to create a comprehensive stablecoin regulatory framework after the passage of the GENIUS Act. Supporters say it will encourage responsible innovation and protect the financial system. Critics may cite the regulatory burden or how that could impact the pace of technological progress in payments.
The comment period will likely be filled with discussions between policymakers, industry, and the public about the tradeoffs between security and growth in the stablecoin market.
