US federal regulators propose new anti–illicit finance requirements for certain payment stablecoin issuers, including customer identification program (CIP) obligations comparable to those applied to banks and credit unions. Multiple outlets report that the proposal would require stablecoin issuers covered by the rule to maintain an effective program designed to identify customers, aligning the oversight approach with requirements under the Bank Secrecy Act framework. The Federal Reserve is reported to be leading the rulemaking effort, while the PYMNTS source states that five federal agencies are involved in seeking public comment. Bloomberg and The Block describe the Fed’s proposal as targeting payment stablecoin issuers and focusing on strengthening identification practices to help curb illicit activity. Cointelegraph similarly characterizes the concept as bringing stablecoin issuers closer to regulated financial institutions through CIP-style compliance. The articles collectively note that the proposal is at the public-comment stage, meaning issuers and other stakeholders can respond before any final rules are adopted.