Multiple U.S. agencies jointly promote the implementation details of the "GENIUS Act," with stablecoin issuers' regulatory standards aligning more closely with the banking system

On Thursday, the Federal Reserve, the Treasury Department, and other financial regulators jointly released a draft of the implementation details of the "GENIUS Act," requiring stablecoin issuers to comply with the Bank Secrecy Act (BSA) and implement Customer Identification Programs (CIP).

Specifically, issuers must verify user identities, keep records of names, addresses, and other identification information, and screen for terrorist organizations and sanctions lists. The relevant rules are now in a 60-day public comment period, and will take effect once the final rules are approved and published.

According to the bill, issuers' reserve assets must consist of high-quality liquid assets such as cash, Federal Reserve deposits, safeguarded deposits, and short-term government bonds, and must support circulating stablecoins at a 1:1 ratio.

Moreover, issuers are required to disclose reserve compositions monthly, with audits certified by independent accounting firms. This transparency mechanism helps boost market confidence and provides effective oversight tools for regulators.

However, some Federal Reserve officials have expressed concerns about the new regulations, stating that the regulatory framework may be insufficient to address illegal financial risks associated with secondary market trading of payment stablecoins. They also plan to monitor whether the proposal will extend customer identification requirements to secondary market transactions.

Currently, the total market capitalization of stablecoins has exceeded $293.9 billion, with Tether's USDT accounting for approximately 63.4% of the market share, and Circle's USDC about 25.5%. The implementation of this bill is expected to have a profound impact on the global stablecoin market landscape.

The current market focus largely centers on whether offshore-issued USDT can obtain regulatory recognition from the U.S. Treasury Department, as this will determine its compliance status and development prospects in the U.S. market.

In summary, once the full set of rules is implemented, the compliance threshold for the U.S. stablecoin industry will be significantly raised, and issuers that have not completed compliance upgrades may face operational restrictions.

#稳定币监管 # Customer Identification