US regulators push user ID requirements for stablecoin issuers akin to regulated banks

US financial regulators proposed new rules requiring stablecoin issuers to follow customer identification and anti-money-laundering procedures similar to regulated banks under the Bank Secrecy Act. The proposal, issued by the FDIC, Federal Reserve, OCC, NCUA and FinCEN, is part of implementing the GENIUS Act and could increase compliance costs while improving regulatory clarity for the stablecoin sector. The rule is open to public comment for 60 days after publication in the Federal Register. The article also notes that broader crypto market legislation, the CLARITY Act, remains unresolved in Congress, leaving some policy uncertainty for the industry.