Fed Board Seeks Public Comment on Proposal Requiring Customer Identification for Some Payment Stablecoin Issuers

The Federal Reserve Board has requested public comment on a proposal that would require certain payment stablecoin issuers to establish and maintain effective customer identification programs (CIP). According to Foresight News, the proposal was issued jointly by the Federal Reserve and four other agencies. Under the proposal, the affected stablecoin issuers would be required to follow customer identification standards similar to those applied to banks and credit unions. The public comment period would run for 60 days after the proposal is published in the Federal Register.