The Treasury Department's Financial Crimes Enforcement Network and Office of Foreign Assets Control published a joint proposed rule on April 8, 2026. The proposal designates all permitted payment stablecoin issuers as financial institutions under the Bank Secrecy Act. PPSIs must establish written anti-money laundering programs, file suspicious activity reports, and perform customer due diligence. The rule mandates sanctions compliance programs with technical capabilities for blocking impermissible transactions across primary and secondary markets.
The FinCEN-OFAC proposal is the sixth GENIUS Act rulemaking action since the law took effect on July 18, 2025. The OCC published its supervisory framework on March 2. The NCUA issued a licensing NPRM on February 11. Treasury published state equivalency determination principles on April 3. The FDIC approved its 191-page substantive requirements rule on April 7. The Federal Reserve Board remains the only banking agency without a proposed rule. The statutory deadline for final implementing regulations is July 18, 2026.
The comment period runs 60 days from Federal Register publication. Enforcement of the AML and sanctions obligations begins no later than January 18, 2027. Active comment windows for other GENIUS Act rulemakings close between May 1 and June 2, 2026.