Federal Agencies Seek Public Comment on Customer Identification Program for Stablecoin Issuers

The Financial Crimes Enforcement Network (FinCEN), along with the FDIC, OCC, Federal Reserve, and NCUA, are inviting public comment on a proposed rule. This rule would require permitted payment stablecoin issuers to establish and maintain an effective customer identification program (CIP) under the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act).