FDIC Wants Stablecoin Issuers to Follow Old Crime Rules
Published Date: 6/5/2026
Proposed Rule
Summary
The FDIC is proposing new rules to make sure stablecoin companies they supervise follow important money safety and anti-crime laws. These rules affect stablecoin issuers and aim to keep digital payments safe and legal. Comments on the proposal are open until August 4, 2026, so the public can weigh in before the rules become final.
Analyzed Economic Effects
6 provisions identified: 2 benefits, 2 costs, 2 mixed.
PPSIs must follow BSA and sanctions rules
FDIC-supervised permitted payment stablecoin issuers (PPSIs) would be required to comply with applicable Bank Secrecy Act and sanctions regulations at 31 CFR Chapter V and 31 CFR Chapter X, including maintaining AML/CFT programs, economic sanctions programs, reporting requirements, and customer identification programs as described in proposed Sec. 350.6(d). The proposal references related FinCEN and OFAC proposed rules issued April 10, 2026 that would treat PPSIs as financial institutions under the BSA and require effective sanctions compliance and CIP obligations.
PPSIs allowed to share non-public AML info with FinCEN
The proposed rule would authorize PPSIs to share with the FinCEN Director non-public supervisory information that relates to an existing or potential AML/CFT enforcement action or significant AML/CFT supervisory action. The FDIC proposes two options: (1) authorize disclosure on the FDIC's behalf and permit FinCEN to use the information, or (2) authorize disclosure on the FDIC's behalf but require PPSIs to contemporaneously disclose the same information to the FDIC (proposed Sec. 350.203).
Recordkeeping and disclosure paperwork burden estimates
The FDIC estimates recordkeeping and reporting burdens for the proposed information collections: implementation burden of 40 hours per PPSI in year one (table: 10 respondents × 40 hours = 400 hours) and ongoing annual burdens (table: 20 respondents × 10 responses × 1 hour = 200 hours). The FDIC estimated an implementation labor compensation rate of $112.31/hour, yielding a total estimated implementation cost of approximately $45,000 if 10 PPSIs implement, rising to approximately $135,000 if 30 PPSIs implement; ongoing annual costs under 30 PPSIs are estimated at about $34,000 per year.
Compliance reduces enforcement risk
Under proposed Sec. 350.201, a PPSI that has established an effective AML/CFT program would generally not be subject to an AML/CFT enforcement action or a significant AML/CFT supervisory action based on the program requirements issued by FinCEN, except in the case of a significant or systemic failure to implement an effective program.
FDIC must consult FinCEN before enforcement
Before initiating an AML/CFT enforcement action or significant AML/CFT supervisory action, the FDIC would provide the Director of FinCEN at least 30 days' written notice and relevant AML/CFT information, unless a shorter period is necessary at the FDIC's sole discretion to remedy, prevent, or respond to an unsafe or unsound practice or condition (proposed Sec. 350.202).
FDIC certifies limited impact on small entities
The FDIC certifies, under the Regulatory Flexibility Act analysis, that the proposed rule would not, if promulgated, have a significant economic impact on a substantial number of small entities; the Small Business Administration defines a small banking organization as having total assets of $850 million or less.
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Key Dates
Department and Agencies
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