FinCEN, the OCC, Federal Reserve Board, FDIC, and NCUA published a joint notice of proposed rulemaking on June 22 establishing customer identification program requirements for permitted payment stablecoin issuers under the GENIUS Act. The rule requires issuers to implement written CIP procedures covering identity verification before account opening, government list screening, and recordkeeping. Comments are due August 21, 2026.
The CIP NPRM is the eleventh rulemaking published under the GENIUS Act since its enactment on July 18, 2025. All eleven remain at the proposed stage. The Federal Reserve Board has not issued a standalone prudential proposed rule, participating only through the joint CIP filing.
The GENIUS Act requires agencies to finalize implementing regulations by July 18, 2026. If agencies miss the deadline, the statute takes effect by default on January 18, 2027.