Svmuu News: The U.S. Federal Reserve, the Department of the Treasury, and other financial regulatory agencies have jointly released draft implementing rules for the GENIUS Act, requiring stablecoin issuers to comply with the Bank Secrecy Act (BSA) and implement customer identification procedures (CIP). According to the draft requirements, stablecoin issuers must verify user identities, maintain records of identifying information such as names and addresses, and screen against terrorist and sanctions lists. The relevant rules are currently in a 60-day public comment period and will take effect once the final rules are issued. Additionally, Michael Barr, a member of the Federal Reserve, has expressed reservations about the framework, arguing that it does not adequately address the risks of illicit financing in secondary market transactions. The proposal specifically seeks public comment on whether customer identification requirements should be further extended to secondary market transactions. (CoinDesk)