The Federal Reserve, together with FinCEN, the OCC, the FDIC and the NCUA, published a proposal on June 18 that would require approved payment stablecoin issuers to maintain customer identification program standards comparable to those applied to banks and credit unions. The draft is open for 60 days of public comment and does not yet have legal force. The proposal fits into a broader U.S. push to build a federal regulatory framework for stablecoins under the GENIUS Act, which existing topic details say was signed into law in July 2025. Earlier draft rules described in the existing record would require issuers to verify customer identities, keep records and conduct sanctions screening, while also addressing how those obligations apply when stablecoins move through secondary markets before being redeemed directly with an issuer. The latest update clarifies the agencies involved in the June 18 publication and underscores that the measure remains a draft rather than an enforceable rule. Existing concerns raised by Michael Barr about illicit-finance risks in secondary-market trading remain part of the broader debate as regulators work through the implementation process.