US Fed seeks comment on mandatory CIP for stablecoin issuers

The U.S. Federal Reserve Board (FRB) announced today it is seeking public comment on a proposal to require certain payment stablecoin issuers to establish and maintain an effective Customer Identification Program (CIP). The proposal would introduce customer identification requirements for stablecoin issuers comparable to those for banks and credit unions. The comment period for the proposal will last for 60 days.