Stablecoin ID rules should exclude P2P transfers: Blockchain Association

Blockchain Association asked five U.S. agencies to clarify that customer identification requirements under the GENIUS Act apply to direct issuer relationships, not independent peer-to-peer stablecoin transactions. Summary Blockchain Association supports primary-market identity checks but opposes extending them to peer-to-peer stablecoin transfers downstream. Five federal agencies proposed joint identification standards for permitted payment stablecoin issuers in June 2026. Issuers would collect names, addresses, birth or formation dates and identification numbers from customers directly. Final rules would take effect twelve months after issuance under agencies’ proposed compliance timeline currently. GENIUS Act generally begins restricting unlicensed U.S. payment stablecoin issuance on January 18, 2027, nationwide. The industry group filed its comments by the Aug. 21 deadline and summarized its position on Aug. 24. It supported the proposal’s main approach but requested clearer definitions, less duplicated compliance work and explicit flexibility for digital identity tools. FinCEN, the Office of the Comptroller of the Currency, Federal Reserve, Federal Deposit Insurance Corporation...