U.S. Federal Reserve and Treasury Department unveiled a draft rule on Thursday that places stablecoin issuers on equal footing with banks and brokerages for customer‑identification obligations. The proposal, part of the implementation of last year’s GENIUS Act, aims to tighten anti‑money‑laundering safeguards across the crypto market. Investors and blockchain firms are now watching how the new standards could shape stablecoin pricing and adoption.
Regulatory Context
The draft rule follows the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, the first comprehensive crypto legislation targeting stablecoin operations. By extending the Bank Secrecy Act to digital‑asset issuers, regulators signal that stablecoins will be subject to the same scrutiny as traditional financial products. This move aligns the United States with global trends that seek to curb illicit finance in the burgeoning blockchain ecosystem.
Compliance Obligations
According to the proposal, stablecoin issuers must implement reasonable procedures to verify the identity of anyone opening an account, retain records such as name and address, and screen users against government terrorism watchlists. The requirements mirror those imposed on banks, ensuring that crypto investors cannot exploit gaps in the system for money‑laundering or terrorist