Permitted Payment Stablecoin Issuers (PPSIs) confront a new identity‑check rule after five U.S. financial regulators proposed a joint regulation on 18 June 2026.
Regulatory Framework for Stablecoin Issuers
The Financial Crimes Enforcement Network (FinCEN) released a notice of proposed rulemaking together with the Office of the Comptroller of the Currency, the Federal Reserve, the FDIC, and the NCUA. The proposal enacts the 2025 GENIUS Act, which classifies PPSIs as financial institutions under the Bank Secrecy Act. Publication in the Federal Register on 22 June 2026 supplements the anti‑money‑laundering rule issued in April 2026.
Identity‑Check Requirements and Scope