U.S. regulators release detailed implementation rules for the "GENIUS Act," requiring stablecoin issuers to enforce customer identification rules

Odaily Planet Daily News The U.S. Federal Reserve, Treasury Department, and other financial regulatory agencies jointly released the detailed implementation rules for the "GENIUS Act," requiring stablecoin issuers to comply with the Bank Secrecy Act (BSA) and implement Customer Identification Programs (CIP).

According to the draft rules, stablecoin issuers must verify user identities, maintain records of identity information such as names and addresses, and screen against terrorist organization and sanctions lists. The relevant rules have entered a 60-day public comment period and will be formally implemented once the final rules are issued.

Additionally, Federal Reserve Governor Michael Barr expressed reservations about the framework, believing it inadequately addresses the risks of illicit financing in secondary market transactions. The proposal specifically seeks comments on whether customer identification requirements should be further extended to secondary market trading. (CoinDesk)