US authorities are preparing rules for stablecoin issuers that will bring them closer to banks and payment companies. The main point is mandatory user identity verification.
The proposal is related to the launch of the GENIUS Act, adopted in 2025. Now regulators are moving this reform from the political sphere to practical requirements: who can issue stablecoins, how to verify clients, and what data to store.
Issuers Will Have to Know Their Users
The new draft rules were prepared by several agencies at once, including the FDIC, Federal Reserve System, OCC, FinCEN, and the National Credit Union Administration.
The idea of the initiative is to equate stablecoin issuers with regulated financial organizations in terms of client identification. If a company issues a dollar token and gives a user access to the service, it must understand who is in front of it.
This changes the status of the industry. Stablecoins are looking less like a free crypto tool and more like an element of payment infrastructure that must comply with financial control rules.
Checks Will Be Built on Banking Logic
The requirements will be based on the Bank Secrecy Act. It has long required financial organizations to verify clients, keep records, and check users against sanctions and anti-terrorist lists.
Now a similar set of obligations is planned to be extended to stablecoin issuers. Companies will not only have to manage reserves and issue tokens, but also build full compliance procedures.
For major players, this is an expected step. For smaller issuers, such requirements may become a heavy barrier: they will need lawyers, financial monitoring specialists, verification systems, and internal controls.
GENIUS Act Enters the Practical Stage
The GENIUS Act created a federal framework for the stablecoin market in the US. The law should define rules for issuers, reserves, oversight, and working with users.
But the law itself does not launch the entire system at once. For full operation, subordinate rules are needed, which regulators are now preparing.
The final regime will take effect 18 months after the law is signed or 120 days after the implementation rules are completed. Therefore, current proposals are important: they show exactly what the American stablecoin market will look like.
The Industry Will Have 60 Days for Comments
The draft will be put up for public discussion after publication in the US Federal Register. Market participants will have 60 days to submit their comments.
Issuers, banks, crypto companies, payment services, lawyers, and industry associations can participate in the discussion. Their reaction will determine how strict the final version of the rules will be.
The main question is where the line will be drawn. Regulators want control, while the industry will seek to ensure that requirements do not destroy the convenience of stablecoins as a fast payment tool.
Stablecoins Are Losing Their Former Freedom
For users, this may mean less anonymity and more checks. If issuers are required to identify clients, access to certain products will become similar to working with a bank or fintech service.
For the market, this is both a plus and a minus. On the one hand, strict rules may increase trust from banks and institutional clients. On the other hand, part of the crypto audience perceives such checks as a departure from the open blockchain model.
But the logic of the authorities is clear. The more stablecoins are used in payments, transfers, and settlements, the more the state wants to see who is behind the transactions.
The Treasury Is Already Tightening Control Over Illegal Finance
Client identification requirements have become part of broader efforts. The US Treasury has already proposed measures against money laundering and terrorist financing for stablecoin issuers.
Previously, the FDIC also clarified that insurance of corporate deposits of issuers should not automatically extend to token holders. This is an important point for users: even a regulated stablecoin does not become a bank deposit.
In other words, the US wants to integrate stablecoins into the financial system, but does not promise token holders all the guarantees that bank clients have.
Major Issuers May Benefit
For market leaders, the new rules may become an advantage. Large companies will more easily bear the costs of compliance, client checks, and reporting.
Moreover, a clear federal regime may help them work with banks, institutional partners, and payment networks. The less legal uncertainty, the easier it is to build mass products.
But for smaller players, the market may become more difficult. If the requirements are too expensive, some issuers will leave the market or look for jurisdictions with softer rules.
CLARITY Act Remains the Second Big Question
While stablecoins are getting a separate framework, the broader crypto market is waiting for a decision on the CLARITY Act. This bill should clarify the roles of US regulators in overseeing digital assets.
Expectations for it remain high, but the timeline is still undefined. Congress and the White House are hoping for progress before the August recess, but political disputes may delay the process.
Possible conflicts of interest among lawmakers and officials have become a particularly sensitive topic. These concerns may slow the movement of the document, even if the overall demand for crypto market rules remains.
What’s Next?
The coming months will show how strict the regime for stablecoin issuers will be. If the rules are adopted in their current logic, companies will operate almost like financial institutions in terms of client checks and reporting.
For users, this means a more regulated but less free market. For institutions, more trust in stablecoins as a payment tool. For smaller issuers, increased costs and infrastructure requirements.
The main conclusion is simple. The US is not just allowing stablecoins, but integrating them into the banking control system. Issuers get a path to the legal mass market, but in return will have to verify users, store data, and comply with rules that previously applied mainly to banks.
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