Customer Identification Requirements Proposed for Payment Stablecoin Issuers
By: John ReVeal and Jeremy M. McLaughlin
On 22 June 2026, the Financial Crimes Enforcement Network (FinCEN) and the federal bank regulators issued a proposed rule to impose customer identification procedures (CIP) requirements on permitted payment stablecoin issuers (PPSI) (the Proposal). Prospective PPSIs and their partners will want to review the proposed scope of the CIP obligations and consider whether to submit comments to FinCEN. Comments on the Proposal must be submitted by 21 August 2026.
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