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Fed kicks off stablecoin rulebook with bank-style customer ID proposal

The Federal Reserve, working with FinCEN and other U.S. banking regulators, has launched its first major rulemaking under the GENIUS Act aimed at stablecoin issuers. In a joint proposal released Thursday with FinCEN, the OCC, FDIC, and NCUA, the agencies would require stablecoin issuers to implement bank-style customer identification programs, effectively treating them as financial institutions under the Bank Secrecy Act. Five Fed members voted to approve the 130-page proposal. New Chair Kevin Warsh abstained. The proposal is slated for publication in the Federal Register on June 22.
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