Regulators propose ID checks for stablecoin issuers

U.S. financial regulators have proposed new rules requiring stablecoin issuers to verify the identities of their customers, a significant step in implementing the federal stablecoin law enacted last year. The joint proposal, issued on Thursday, June 18, 2026, by the Federal Reserve, the Treasury Department’s Financial Crimes Enforcement Network, and federal banking agencies, would mandate that permitted payment stablecoin issuers establish formal Customer Identification Programs.

The rule would treat these issuers as financial institutions under the Bank Secrecy Act, aligning their compliance standards with those long used by banks and credit unions. Issuers would be required to collect and verify key customer information, including name, address, date of birth, and a government-issued identification number, before opening an account. The proposal is part of the regulatory framework established by the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, which was signed into law in July 2025.

A critical feature of the proposal is its focus on direct relationships. Regulators clarified that the customer identification obligations apply only when a user...