U.S. regulators—including the FDIC, Federal Reserve, OCC, NCUA and FinCEN—announced on Thursday a proposed rule that would require stablecoin issuers to follow the same identity‑verification standards that banks apply under federal law.
Regulatory Context
The new guidance aligns with the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, which President signed into law in July 2025. By treating stablecoin providers as regulated financial institutions, the agencies aim to embed anti‑money‑laundering (AML) and counter‑terrorism financing (CFT) safeguards directly into the crypto ecosystem.
Compliance Obligations
Under the proposed rule, issuers must adhere to the Bank Secrecy Act’s baseline duties