Crypto Group Seeks Changes To Stablecoin Customer-ID Proposal

09/09/2026 06:42 pm

WASHINGTON— The Blockchain Association has urged federal regulators to tailor proposed customer-identification requirements for permitted payment stablecoin issuers to how stablecoins circulate rather than applying uniform, bank-style standards, according to Finance.Biggo.com.

The cryptocurrency industry group submitted its comments to FinCEN and four other federal regulators regarding the Customer Identification Program rule proposed under the GENIUS Act. The proposal generally limits Know Your Customer obligations to the primary market, where issuers transact directly with customers, an approach the association supports in principle.

The association nevertheless requested clarification concerning the definition of an “account” and permissible methods for collecting customer information. It urged regulators to exclude four transaction categories, including one-time stablecoin redemptions, arguing that conventional requirements written for depository institutions do not reflect tokens’ ability to circulate among wallets and exchanges after issuance.

The group also asked regulators to align the rule’s implementation date with a separate proposed anti-money-laundering rule, warning that different effective dates could complicate issuers’ compliance planning. The Treasury Department will consider public comments before issuing final regulations implementing the GENIUS Act’s federal framework for payment stablecoins.

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