Five agencies propose CIP rule for payment stablecoin issuers

On June 22, 2026, five federal regulators published a joint proposed rule that would require permitted payment stablecoin issuers to maintain Customer Identification Programs under the Bank Secrecy Act. The agencies opened a 60‑day public comment period that runs through Aug. 21, 2026. The rule is posted in the Federal Register at 31 CFR Part 1033, docket number FINCEN-2026-0101.

Under the proposal, an issuer must collect identifying information from every customer who purchases stablecoins directly from the issuer, verify that information within a reasonable timeframe, keep records of the identification and verification process, and screen customers against government-maintained lists of blocked or suspected persons.

The requirement applies only to primary‑market activity: the direct relationship between an issuer and a purchaser. Examples covered include a consumer or business buying stablecoins directly from an issuer, a company minting a proprietary stablecoin through an issuer’s platform, or an institutional investor redeeming shares directly from an issuer. Transactions on exchanges, transfers between existing holders, and downstream payment or payroll flows using pre‑minted stablecoins are not subject to the issuer‑level CIP under the proposal.

The proposal was issued jointly by FinCEN, the Office of the Comptroller of the Currency, the Federal Reserve, the Federal Deposit Insurance Corporation and the National Credit Union Administration. Each agency’s participation reflects the different supervisory roles for issuer charters: FinCEN is the BSA administrator; the OCC oversees nationally chartered banks; the Federal Reserve supervises state member banks; the FDIC supervises FDIC‑insured state nonmember banks; and the NCUA supervises federally insured credit unions.

The notice follows the normal notice-and-comment rulemaking process and is separate from a statutory July 18 deadline that applies to other GENIUS Act rules covering capital, reserves, liquidity and redemption standards. The CIP rule will be finalized on a separate timetable after the August comment period closes.

Regulated firms may address operational questions during the comment window. Key issues the agencies identified include how to define a primary‑market customer relationship across different issuance architectures, when identity checks must be completed relative to minting or redemption, the required format and retention period for CIP records, and how often issuers must rescreen existing customers against government lists.

The proposal does not change existing BSA and AML obligations for exchanges, orchestration platforms or payment companies; those firms remain subject to their own legal requirements. Firms that issue permitted payment stablecoins must either update onboarding and compliance systems to follow the proposed CIP elements or submit comments by Aug. 21 to seek clarifications or adjustments to the implementation details.