The proposal follows FinCEN's April 2026 rulemaking on AML/CFT and sanctions compliance for stablecoin issuers, which explicitly deferred customer identification requirements to a separate rule. The new CIP rule would mandate written, risk-based programs; identity verification; recordkeeping; customer notice; government-list screening; and limited reliance on other regulated institutions for certain CIP functions. The proposal will be published in the Federal Register for public comment.
Stablecoin issuers should prepare for bank-equivalent identity verification obligations if the rule is finalized. This represents the next major federal step in building a comprehensive regulatory framework for stablecoins and signals the direction of ongoing compliance expectations for the sector.