WASHINGTON—The FDIC has proposed new rules that would require stablecoin issuers under its supervision to comply with anti-money laundering, Bank Secrecy Act and economic sanctions requirements, marking another major step in implementing the GENIUS Act framework for payment stablecoins.
The FDIC said the proposed rule would apply to FDIC-supervised permitted payment stablecoin issuers, or PPSIs, and would require compliance with anti-money laundering/countering the financing of terrorism standards, sanctions programs and reporting obligations established by the Treasury Department’s Financial Crimes Enforcement Network and Office of Foreign Assets Control. The proposal would also align FDIC supervision and enforcement standards with FinCEN requirements.
According to the FDIC, the proposal stems from requirements included in the GENIUS Act, which created a federal regulatory framework for payment stablecoins and assigned oversight responsibilities to banking regulators. The agency said comments on the proposal will be accepted for 60 days after publication in the Federal Register.
The proposal follows earlier Treasury and banking agency actions tied to stablecoin oversight, including separate proposed rules addressing capital, liquidity, reserve and risk-management standards for stablecoin issuers. Industry observers said the latest move further signals regulators intend to treat stablecoin issuers more like traditional financial institutions with full AML and sanctions compliance expectations.