American Five Agencies Jointly Issue New Regulation: Stablecoin Issuers Must Verify User Identity Like Banks.

According to WooFun.AI news, the regulatory landscape in the United States is undergoing a crucial turning point. On Thursday, the Federal Deposit Insurance Corporation, the Federal Reserve, the Office of the Comptroller of the Currency, the National Credit Union Administration, and the Financial Crimes Enforcement Network under the Department of the Treasury jointly proposed a major new regulation. The proposal aims to implement the guidance law passed in July 2025 to promote the development of stablecoins in the United States and explicitly requires stablecoin issuers to strictly adhere to mandatory identity verification requirements in federal laws, similar to regulated banks. This move signifies that regulators officially define stablecoin issuers as regulated financial institutions, forcing them to assume compliance responsibilities equivalent to commercial banks. AI research found that this new regulation is a key step in implementing the above-mentioned law, aiming to fill the regulatory gaps in the digital asset space by strengthening anti-money laundering and counter-terrorism financing obligations. According to the proposal, stablecoin issuers will be subject to the jurisdiction of the Bank Secrecy Act and must meet minimum standards including verifying the true identity of the account opener, maintaining complete transaction records, and screening for terrorists or members of terrorist organizations. These institutions emphasize that considering stablecoin issuers as financial institutions is a necessary means to prevent illegal financial activities, and the Treasury Department has already proposed corresponding anti-money laundering requirements for such activities. The new regulation will be formally announced on Monday, followed by a 60-day public comment period, providing industry participants with a buffer period to adjust their compliance frameworks. Although the regulation is becoming stricter, many stablecoin issuers in the United States have actively supported the law, indicating the industry's urgent need for clear regulatory boundaries. In terms of timeline, it is expected that the law will take effect 18 months after formal signing or 120 days after relevant regulations are completed by federal authorities. This timeline allows market participants sufficient preparation time to adjust their technological architecture and operational processes. Looking back, in April of this year, the Federal Deposit Insurance Corporation suggested that insurance coverage for deposits made by stablecoin issuers should not be extended to their depositors, demonstrating the regulatory authority's cautious approach to risk isolation. Analysis suggests that this phased regulatory advancement strategy reflects both the emphasis on financial stability and the consideration for space for innovative development. At the same time, other aspects of the legislative process continue to face uncertainties. Since the passing of the guidance law promoting the development of stablecoins in the United States last year, the U.S. Congress has yet to determine a specific timetable for deliberating on the Digital Asset Market Transparency Act, which aims to clarify the responsibilities of financial institutions regarding regulating and enforcing rules on cryptocurrencies. While the White House and most members of Congress expect the law to be passed during the August recess, Democratic lawmakers have expressed concerns about potential conflicts of interest among legislators and elected officials, which could delay the final approval process of the law. The compliance costs and operational efficiency of the stablecoin market in the future will largely depend on the final implementation details of these legislations.