U.S. regulators propose bank-style KYC rules for stablecoin issuers under the GENIUS Act

The Federal Reserve and other U.S. regulators have proposed new identity-verification requirements for payment stablecoin issuers operating under the GENIUS Act. The joint proposal would require issuers to adopt customer identification programs similar to those used by banks and other financial institutions. If finalized, the rules would bring regulated stablecoin issuers into the Bank Secrecy Act’s customer verification framework, according to TechGaged.