On June 18, 2026, FinCEN, together with the Federal Reserve, OCC, FDIC, and NCUA, issued a joint proposed rule to implement provisions of the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act). The GENIUS Act requires permitted payment stablecoin issuers (PPSIs) to maintain an effective customer identification program (CIP).
The proposed rule creates a balanced framework to fight illicit finance while protecting national security and the financial system. Key elements of the proposed rule include the following:
Identity Verification Procedures. The proposed rule requires PPS to implement risk-based Customer Identification Programs that verify customer identities and ensure they can reasonably determine who their customers are.
Records. The proposed rule would require the CIP to include procedures for making and maintaining a record of all information obtained by the PPSI through the CIP.
Comparison with Government Lists. The proposed rule would require a PPSI’s CIP to include reasonable procedures for determining whether a customer appears on any list of known or suspected terrorists or terrorist organizations issued by any Federal Government agency and designated as such by Treasury in consultation with the Federal functional regulators.
Customer Notice. The proposed rule would require that the CIP include procedures for providing customers with adequate notice that the PPSI is requesting information to verify their identities.
Reliance on Another Financial Institution. The proposed rule permits a PPSI to reasonably rely on another Federally regulated financial institution to perform customer identification procedures.
Read FinCEN’s press release here.
The proposed rule can be found here.
A fact sheet on the proposed rule is available here.