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Federal Reserve Board requests comment on proposal to require certain payment stablecoin issuers to maintain an effective customer identification program

Five U.S. federal agencies issued a joint notice of proposed rulemaking on June 18, 2026. The proposal requires permitted payment stablecoin issuers to maintain customer identification programs under the GENIUS Act. These rules aim to implement bank-style verification for stablecoin issuers.

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What changed

The update provides the specific issuance date of June 18, 2026, and identifies the target group as permitted payment stablecoin issuers.

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  1. Federal Agencies Propose Customer Identification Rules for Stablecoin Issuers

    Five U.S. federal agencies issued a joint notice of proposed rulemaking on June 18, 2026. The proposal requires permitted payment stablecoin issuers to maintain customer identification programs under the GENIUS Act. These rules aim to implement bank-style verification for stablecoin issuers.

    What's confirmed:

    • On June 18, 2026, FinCEN, the OCC, the Federal Reserve, the FDIC, and the NCUA jointly issued a notice of proposed rulemaking.
    • The proposal establishes customer identification program requirements for permitted payment stablecoin issuers.
    • The rulemaking implements the Guiding and Establishing National Innovation for U.S. Stablecoins Act, also known as the GENIUS Act.

    Still unconfirmed:

    • The proposed customer identification rules are limited to primary-market activity.
    confidence 100%

  2. Federal Agencies Propose Customer Identification Rules for Stablecoin Issuers

    FinCEN, the Federal Reserve, FDIC, OCC, and NCUA issued a joint proposed rule to implement the GENIUS Act. The proposal requires specific payment stablecoin issuers to maintain a customer identification program. These standards aim to align stablecoin verification with banking requirements.

    What's confirmed:

    • The Federal Reserve, FinCEN, OCC, FDIC, and NCUA issued a joint proposed rule to implement the GENIUS Act.
    • The proposal requires certain payment stablecoin issuers to maintain an effective customer identification program.
    confidence 100%

  3. Federal Agencies Propose Customer Identification Rules for Payment Stablecoins

    The Federal Reserve, FinCEN, OCC, FDIC, and NCUA have requested public comment on a proposed rule under the GENIUS Act. This proposal would require certain payment stablecoin issuers to maintain an effective customer identification program. The rules aim to align stablecoin identity verification with standards used by banks.

    What's confirmed:

    • The Federal Reserve, FinCEN, FDIC, OCC, and NCUA are jointly seeking public comment on the proposed rule.
    • The proposal requires permitted payment stablecoin issuers to establish and maintain an effective customer identification program under the Guiding and Establishing National Innovation for U.S. Stablecoins Act.
    • The Federal Reserve Board opened a 60-day comment period for the proposal.
    • The proposed rule seeks to make stablecoin customer identification standards similar to those used by banks.

    Still unconfirmed:

    • The rule would require identity verification specifically before account opening or direct token redemption.
    • Regulators preliminarily rejected a global customer due diligence requirement as unfeasible.
    • The OCC is proposing reporting forms for stablecoin issuers it supervises under the GENIUS Act.
    confidence 95%