FDIC, Federal Reserve, OCC, NCUA and FinCEN proposed stablecoin issuer ID rules with a 60-day public comment period under GENIUS. The proposed rule would treat stablecoin issuers like regulated financial institutions for user identity checks. GENIUS is expected to go into effect 18 months after it was signed or 120 days after federal authorities finalize implementation regulations. Congress still has no defined timeline for CLARITY.