The Federal Reserve Board has proposed a new rule requiring certain stablecoin issuers to implement Customer Identification Programs (CIP) akin to those used by banks and credit unions. This initiative, announced on the Federal Reserve's official website, aims to bring stablecoin issuers under the regulatory framework of the Bank Secrecy Act (BSA) as part of the GENIUS Act. The proposal is a joint effort with the OCC, FDIC, NCUA, and FinCEN, and is open for public comment for 60 days following its publication in the Federal Register. The proposed rule mandates that a "Permitted Payment Stablecoin Issuer" (PPSI) be treated as a financial institution, requiring them to establish CIPs that include account opening, identity verification, list screening, and recordkeeping. This regulation would apply to both federally regulated and certain state-regulated stablecoin issuers. Federal Reserve Vice Chair for Supervision Michael Barr emphasized the importance of integrating stablecoin issuers into the BSA framework to enhance financial security and compliance.