BlockBeats News, June 18th - According to the Federal Reserve website, the Federal Reserve Board has proposed a rule open for public comment that would require certain stablecoin issuers to establish and maintain effective customer identification programs (CIP). This proposal was jointly issued by the Federal Reserve and four other agencies.

Under this proposal, relevant stablecoin issuers would be required to adhere to customer identification program standards similar to banks and credit unions. The comment period will be open for 60 days after the proposal is published in the Federal Register.