Blockchain Association Urges Primary-Market Focus for Stablecoin ID Rules

The Blockchain Association has submitted formal comments to five U.S. federal agencies, urging them to limit customer identification requirements for stablecoin issuers to direct, primary-market transactions and to provide clearer definitions for key terms under the GENIUS Act. The industry group filed its 15-page comment letter on August 22, in response to a joint proposal from the Treasury's Financial Crimes Enforcement Network, the Office of the Comptroller of the Currency, the Federal Reserve, the Federal Deposit Insurance Corporation, and the National Credit Union Administration. The comment period for the proposal closed on August 21.

The GENIUS Act, enacted in 2025, established a federal framework for payment stablecoins, defining which entities may issue them, the assets that must back them, and how holders can redeem them. A central requirement of the law is that permitted payment stablecoin issuers must maintain an effective customer identification program. The Blockchain Association's comments focus on the scope and practical implementation of this requirement.

In its letter, the association strongly supports the agencies' proposed approach to confine customer...