Stablecoin issuers supervised by the federal bank deposit insurance agency would be required to comply with anti-money laundering (AML) and other regulations under a proposal released Friday by the insurance agency.
The Federal Deposit Insurance Corp. (FDIC) said the proposal, issued for a 60-day comment period, implements provisions of the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act), enacted last year. The proposal applies Bank Secrecy Act (BSA) and sanctions compliance standards applicable to FDIC-supervised permitted payment stablecoin issuers (PPSIs).
According to the FDIC, the proposal requires a PPSI to comply with any applicable regulations regarding AML/countering the financing of terrorism (CFT), economic sanctions program, and reporting requirements, including requirements promulgated by the Treasury’s Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC).
It would also establish supervision and enforcement provisions for PPSI AML/CFT programs, in alignment with FinCEN requirements, the agency said.
The FDIC outlined the proposal in a financial institution letter (FIL-24-2026).
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