The Federal Deposit Insurance Corporation has proposed a rule that would subject stablecoin issuers tied to banks to a much stricter anti-money laundering regime. Under the proposal, any company issuing stablecoins as a subsidiary of an FDIC-supervised state bank would be required to maintain and carry out Bank Secrecy Act compliance programs.
Those obligations would go beyond basic AML controls. Covered issuers would also need to handle sanctions compliance and reporting duties in line with requirements from the Financial Crimes Enforcement Network and the Office of Foreign Assets Control, with the framework aimed at both money laundering and terrorist financing risks.
GENIUS Act gives FDIC the lead role
The proposal follows the GENIUS Act, which designates the FDIC as the primary supervisory and regulatory authority in this segment. The law also directs federal banking regulators to craft similar rules for stablecoin issuers. The Office of the Comptroller of the Currency published its own proposal in 2026, and FDIC Chairman Travis Hill said his agency’s approach has been shaped along that path.
If adopted, the rule would give the FDIC power not only to examine whether issuers are following AML requirements, but also to impose penalties where needed. For bank-linked stablecoin companies, that would mean a broader and more formal compliance burden.
Third major stablecoin rulemaking step by the agency
According to the report, this is the third major regulatory move by the FDIC under the GENIUS Act. The agency had already released detailed standards covering the application process for banks seeking to issue stablecoins, along with reserve asset management and redemption requirements.
The wider regulatory buildout is expected to draw early interest from banks. Projections cited in the proposal suggest that 5 to 30 banks could apply for stablecoin issuance licenses in the first years after the law takes effect. The FDIC expects the new regulatory era to begin in mid-2027.
Agencies also prepare a broader AML overhaul
Separate from the stablecoin proposal, the FDIC, the OCC, and the National Credit Union Administration are preparing another rulemaking package to modernize the anti-money laundering framework. The revised approach would shift supervisory attention toward higher-risk customers rather than applying the same level of scrutiny across lower-risk groups.
Hill said banks spend substantial resources to satisfy BSA obligations, while also questioning whether that spending materially supports law enforcement or national security goals. He added that the heavy penalties tied to BSA violations often push banks to close customer accounts or reject new applications.
The FDIC board approved the stablecoin proposal unanimously in a 3-0 vote. After publication, the public has 60 days to submit comments.