U.S. agencies seek stablecoin customer-ID rules akin to banks in new GENIUS Act rule (opens original article in a new tab)

U.S. financial agencies have proposed new rules for stablecoin issuers, requiring customer identification procedures similar to traditional banks under the GENIUS Act.

• U.S. agencies propose stablecoin rules requiring customer ID verification similar to banks.
• The GENIUS Act mandates stablecoin issuers to comply with Bank Secrecy Act and identity verification standards.
• The proposed rule includes procedures for verifying user identities and maintaining records to prevent money laundering.