Overview
- The Federal Reserve, together with FinCEN, the FDIC, the OCC, the NCUA and OFAC published a 117-page joint notice on Thursday, June 18, 2026, formally proposing Customer Identification Program requirements for permitted payment stablecoin issuers and opened a 60-day comment window.
- Under the proposal, covered issuers would be treated as financial institutions under the Bank Secrecy Act and must collect and verify customer information, monitor transactions and adopt risk-based procedures when customers open accounts for issuance, redemption, custody or reserve services.
- Regulators said the rules would generally not apply to most secondary-market transfers because issuers usually do not have direct relationships with on-chain holders and cannot practically verify every downstream transfer.
- Meeting the new CIP rules will require significant technology, staff and audit resources, a cost profile that favors large, bank-aligned issuers and could push smaller crypto-native providers toward consolidation or partnerships.
- Comments from industry, state regulators and consumer groups during the 60-day period will shape the final rule, including how state-certified issuers under the GENIUS Act and intermediaries such as custodians are treated.