meta_id 3250717

On June 18, 2026, the Financial Crimes Enforcement Network (FinCEN), together with the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the National Credit Union Administration, 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 directs that permitted payment stablecoin issuers be treated as financial institutions under the Bank Secrecy Act (BSA) and be required to maintain effective customer identification programs (CIP). The proposed rule seeks to establish an appropriately tailored regulatory regime that mitigates potential illicit finance risks while protecting the U.S. financial system and national security interests. The proposal addresses FinCEN's mandate to implement the GENIUS Act's requirements for permitted payment stablecoin issuers, which represent a new category of regulated entities within the anti-money laundering and counter-terrorism financing (AML/CTF) framework. By extending BSA obligations to stablecoin issuers, the rule aims to ensure these entities implement robust customer identification procedures consistent with existing financial institution standards. This development is significant as it represents the first comprehensive regulatory framework specifically tailored to permitted payment stablecoin issuers operating in the United States. The proposed rule applies to entities that meet the definition of permitted payment stablecoin issuers under the GENIUS Act and establishes baseline CIP requirements to prevent illicit use of stablecoins in the U.S. financial system. FinCEN welcomes public comment on the proposal, which will be published in the Federal Register. In a separate rulemaking, FinCEN proposed a rule to implement the GENIUS Act's directive to apply other anti-money laundering obligations for permitted payment stablecoin issuers. The comment period details and submission procedures will be available upon publication in the Federal Register.