PANews, June 19 – According to a CoinDesk report, the U.S. Federal Reserve, the Treasury Department, and other financial regulatory agencies have jointly released draft implementation rules for the GENIUS Act, requiring stablecoin issuers to comply with the Bank Secrecy Act (BSA) just like traditional banks and broker-dealers. This includes implementing Customer Identification Programs (CIP), which specifically involve verifying user identities, maintaining records of identity information such as names and addresses, and screening against terrorist organization and sanctions lists. The relevant rules have now entered a 60-day public comment period, and will be formally implemented once the final rules are issued. Federal Reserve Governor Michael Barr expressed reservations, arguing that the current framework does not adequately address illicit finance risks in secondary market transactions. The proposal specifically asks whether CIP requirements should be extended to the secondary market.