Fed Proposes Customer Identification Programs for Certain Payment Stablecoin Issuers in First GENIUS Act Rulemaking
The Federal Reserve requested public comment on a proposal that would require certain payment stablecoin issuers to maintain customer identification programs comparable to those used by banks. The proposal is described as the Fed’s first rulemaking under the GENIUS Act.
The measure remains at the proposal stage. Public comments will be accepted for 60 days after publication in the Federal Register, marking the next step before any final requirement is adopted.
From the sources (7 posts)
@bitcoinmagazineJUST IN: 🇺🇸 US Treasury Department proposes payment stablecoin issuer identification program 👀
@federalreserve@federalreserve requests comment on proposal to require certain payment stablecoin issuers to maintain an effective customer identification program:
@bitcoinmagazineJUST IN: 🇺🇸 The Federal Reserve proposes a stablecoin issuer identification program 👀 This is the first GENIUS Act rulemaking from the Fed.
@cointelegraph🇺🇸 JUST IN: The U.S. Federal Reserve proposed requiring certain payment stablecoin issuers to implement customer identification KYC programs.
@bitcoinnews🏛️ The Federal Reserve requests comment on a proposal requiring payment stablecoin issuers to maintain customer identification programs comparable to banks. This implements the GENIUS Act. 📜 The public will have 60 days to comment once it
@theblockcoFederal Reserve rolls out proposing rulemaking requiring stablecoin issuers to maintain customer identification program
@tftc21The Fed just dropped its first rulemaking under the GENIUS Act, a joint proposal requiring stablecoin issuers to run full KYC/AML on their customers.