US Bankers Push Stablecoin Account Rules
According to CryptoSlate, the American Bankers Association is urging United States regulators to require any individual who buys or redeems a payment stablecoin directly with its issuer to open an account and complete customer identification checks before receiving dollars.
This push emerged during public comments on a joint federal proposal regarding customer identification programs for stablecoin issuers. Under the bankers lobby proposal, a self-custody holder executing a direct redemption would face mandatory issuer onboarding rather than completing a one-off transaction. The banking group argues this standard is necessary to maintain regulatory consistency between traditional financial channels and digital asset markets.
Meanwhile, the Blockchain Association supports identity verification for primary market account customers but opposes forcing issuers to treat every one-off redemption as an account-opening event. The industry association contends that if redemptions are routed through a regulated intermediary like an exchange, that intermediary should be the issuer customer rather than the downstream token holder.
Federal agencies have not yet decided whether a direct redemption by a holder without a prior issuer relationship constitutes an account opening. Current industry practices vary, with major issuers already requiring account verification for direct redemptions through platforms like Circle Mint.
Based on reporting by cryptoslate.com.
