Federal Reserve Proposes Customer Identification Program for Certain Stablecoin Issuers

CoinFeed, June 18 – According to the Federal Reserve's official website, the Federal Reserve Board has issued a proposal requiring certain payment stablecoin issuers to establish and maintain an effective Customer Identification Program (CIP). The proposal would subject relevant stablecoin issuers to regulatory requirements comparable to those for banks and credit unions regarding customer identification. It is jointly released by the Federal Reserve, the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), and the Financial Crimes Enforcement Network (FinCEN) under the U.S. Department of the Treasury. Regulators are now seeking public comments, with a deadline of 60 days after the proposal is published in the Federal Register.