Major US banking organization proposes to include the stablecoin secondary market as a customer identification requirement

In comparison, Bank Policy Institute (BPI) is an organization representing large banks such as JPMorgan, Bank of America, Wells Fargo, and Citi. BPI proposed that the US Treasury Financial Crimes Enforcement Network (FinCEN) should expand customer identification program requirements to the stablecoin secondary market to cover exchanges and other platforms that directly establish account relationships with retail investors.

According to BPI, related exchanges and platforms undertake a large number of buying and selling activities in the payment stablecoin ecosystem, and most illegal stablecoin-related activities occur here. If the proposal is included in the rules, the relevant platforms will have to collect customer information in accordance with the Bank Secrecy Law, and decentralized exchanges may also be included in the scope of supervision. According to FinCEN's proposed rules, stablecoin secondary market transactions on the blockchain usually use anonymous or pseudonymous identities, and there are no centralized nodes that collect identity information, and issuers are limited in their ability to collect secondary market customer data. BPI has also opposed the current version of the Digital Asset Market Clarity Act with other banking organizations.