Five federal agencies jointly proposed customer identification requirements for permitted payment stablecoin issuers on June 18, 2026. The notice of proposed rulemaking, published by the Federal Reserve Board, FinCEN, OCC, FDIC, and NCUA, would mandate Bank Secrecy Act customer identification programs for all stablecoin issuers. Issuers would need to collect a customer's legal name, date of birth or formation date, physical address, and government-issued identification number before opening any account.
The CIP rule is the Federal Reserve Board's first rulemaking under the GENIUS Act, signed into law on July 18, 2025. It brings the total count of published proposed rules under the Act to 10 across federal and state regulators. The Fed's broader implementing regulations covering reserve requirements, licensing standards, and supervisory frameworks for stablecoin issuers remain unpublished. The comment period runs 60 days from Federal Register publication.
No federal agency has published any final rule under the GENIUS Act as of June 19. The statute requires regulators to issue final implementing regulations by July 18, 2026, now 29 days away. The NCUA's implementation NPRM comment period does not close until July 17, one day before the statutory deadline. Since no final regulations have been issued, the Act's fallback effective date of January 18, 2027 remains the operative compliance deadline for stablecoin issuers.