The Fed and 4 agencies propose KYC rules for payment stablecoin issuers as Gov. Barr flags GENIUS Act illicit finance gaps.

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.