The Federal Deposit Insurance Corporation Board of Directors approved on May 22 a notice of proposed rulemaking to implement Bank Secrecy Act and sanctions compliance standards for FDIC-supervised permitted payment stablecoin issuers.
This move addresses the requirements set by the Guiding and Establishing National Innovation for U.S. Stablecoins Act, also known as the GENIUS Act. The proposed rule aims to ensure that entities issuing payment stablecoins under FDIC supervision follow anti-money laundering, countering the financing of terrorism, and economic sanctions regulations.
According to the announcement, “the proposed rule would require FDIC-supervised PPSIs to comply with applicable regulations regarding anti-money laundering/countering the financing of terrorism (AML/CFT) and economic sanctions programs, and reporting requirements, including requirements established by the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control.” The statement further says that “the proposed rule would also establish and align supervision and enforcement provisions for PPSI AML/CFT programs with FinCEN requirements.”
Public comments on this proposal will be accepted for 60 days after its publication in the Federal Register. The FDIC serves as primary federal regulator for permitted payment stablecoin issuers that are subsidiaries of insured state nonmember banks or state savings associations approved by the agency to issue such coins.
The outcome could affect how digital asset firms structure their compliance operations when working under FDIC oversight. Observers will be watching closely as industry participants submit feedback during the comment period.
