The U.S. regulatory agency has released a draft of the implementation rules for the GENIUS Act, requiring stablecoin issuers to enforce customer identification rules

According to CoinDesk, the U.S. Federal Reserve, the Treasury Department, and other financial regulatory agencies jointly released a draft of the implementation rules for the GENIUS Act, requiring stablecoin issuers to comply with the Bank Secrecy Act, just like traditional banks and brokers, implementing Customer Identification Programs (CIP), which specifically include verifying user identities, maintaining records of names and addresses, and screening against terrorist organizations and sanction lists.

The relevant rules have now entered a 60-day public comment period, and the final rules will be officially implemented after their release. Federal Reserve Governor Michael Barr expressed reservations, believing that the current framework inadequately addresses the risks of illegal financing in secondary market transactions, and the proposal specifically inquires whether CIP requirements should be extended to the secondary market.