Fed Targets Stablecoin Loopholes With Customer ID Proposal

TLDR The Federal Reserve proposed new customer identification rules for payment stablecoin issuers. Issuers would need to collect customer names, addresses, birth dates, and government-issued ID numbers. The proposal aligns stablecoin compliance standards with existing banking customer identification requirements. Regulators opened a 60-day public comment period on the proposed framework. The rules support implementation of [...]

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