US Agencies Push User ID Requirements for Stablecoin Issuers Akin to Regulated Banks - Invest In Crypto News
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REGULATION | Key U.S Regulators Propose User-IDs for Stablecoins Under GENIUS Act
U.S. regulators are moving to close one of the biggest remaining gaps between stablecoin issuers and traditional financial institutions, proposing bank-style customer identification requirements that would force issuers to know exactly who is using their tokens. The proposal, jointly issued by The Federal Reserve, Treasury Department, Federal Deposit Insurance Corporation (FDIC), Office of the Comptroller of the Currency (OCC), and National Cre…
US Agencies Push User ID Requirements for Stablecoin Issuers Akin to Regulated Banks - Invest In Crypto News
Several US government agencies responsible for financial regulation have issued a proposed rule as part of the implementation of stablecoin-focused legislation, pushing for similar identification guidelines for issuers as banks under federal law. The Federal Deposit Insurance Corporation (FDIC), Federal Reserve, Office of the Comptroller of the Currency (OCC), National Credit Union Administration and the US Treasury’s Financial Crimes Enforcemen…
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