Federal Reserve Proposes Customer ID Rules for Stablecoin Issuers Under GENIUS Act on June 18

GENIUS-12.05%
According to The Street, on June 18, the Federal Reserve and four other U.S. financial regulators proposed new customer identification requirements for certain payment stablecoin issuers to strengthen anti-money laundering safeguards and combat illicit finance. The proposal applies to stablecoin issuers authorized under the GENIUS Act's regulatory framework, including bank subsidiaries, federally approved nonbank issuers, and qualified state-regulated firms. Regulators will accept public comments for 60 days after publication in the Federal Register.
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