Crypto 350

06/23 06:58

U.S. stablecoin proposal targets issuers, not wall

#World Cup Predictions: 100,000 USDT Daily #TradFi Trading Strategies Sharing Challenge #HTX Creation Challenge — Post and Win 1,500U 💥 U.S. stablecoin proposal targets issuers, not wallet-to-wallet transfersU.S. financial regulators have proposed new customer identification requirements for stablecoin issuers under the GENIUS Act. Stopping short of extending those requirements to wallet-to-wallet transfers and other secondary-market activity. FinCEN, the Federal Reserve, the OCC, the FDIC, and the NCUA issued the joint proposal. It would require permitted payment stablecoin issuers [PPSIs] to establish Customer Identification Programs [CIPs]. This is similar to those already used by banks and other financial institutionsThe rule forms part of the implementation framework for the GENIUS Act’s stablecoin provisions.While the proposal would introduce stricter compliance obligations for issuers, regulators also distinguished between direct customer relationships and secondary-market transactions. This move could ease concerns about broader identity requirements across blockchain networks.Stablecoin issuers would face bank-style customer checks Under the proposal, permitted payment stablecoin issuers would be treated as financial institutions for purposes of customer identification requirements under the Bank Secrecy Act framework.Issuers would be required to collect and verify information from customers who establish accounts directly with them. This includes names, addresses, dates of birth or formation, and identification numbers. The agencies said customer identification programs help financial institutions form a reasonable belief that they know their customers’ true identities while supporting anti-money laundering and counter-terrorist financing efforts.The proposal would apply to both federal and state-qualified stablecoin issuers operating under the GENIUS Act framework.

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