The Federal Reserve, Treasury Department, OCC, FDIC and other agencies jointly released a draft of the implementation rules for the GENIUS Act, which intends to require stablecoin issuers to follow the customer identification (CIP) rules of banks and other financial institutions, including verifying user identities, keeping records of identity information such as names and addresses, and screening terrorist organizations and sanctions lists. The relevant rules have entered a 60 day public opinion consultation period, and will be officially implemented after the final rules are issued. Federal Reserve Governor Michael Barr stated that the current framework lacks sufficient attention to the risk of illegal financing in stablecoin secondary market transactions, and suggested considering extending identification requirements to secondary market activities. https://www. (wublock123.com)/news/genius-act-rules-stablecoin-issuers-kyc-requirements-63050