The Federal Reserve proposed requiring stablecoin issuers to verify customer identities before account opening or direct token redemption, extending bank-style anti-money laundering standards to stablecoins.

The Federal Reserve and FinCEN propose customer identification requirements for stablecoin issuers under the GENIUS Act, opening a public comment period.

The proposed rulemaking establishes how U.S. crypto companies will have to screen stablecoin customers after the passage of the GENIUS Act.