This proposal will establish the first US regulatory framework for KYC/AML compliance specifically for payment stablecoin issuers — locking in reporting formats, data schemas, and verification protocols that will govern the emerging stablecoin ecosystem. The 60-day comment window (closing August 17, 2026) is the critical juncture to shape how issuers must collect, store, and attest to customer identity on-chain or off-chain. The Ethereum and web3 community can supply working evidence of existing on-chain identity attestation practices, propose verifiable credential standards for stablecoin issuer compliance, and educate the Fed on what customer data is already machine-readable or blockchain-verifiable — influencing whether the final rule mandates specific technical standards or remains agnostic to implementation.
EEA should prepare and submit a formal comment letter to the Federal Register notice, drawing on member expertise in digital identity standards, verifiable credentials, and on-chain attestation practices. Brief members on the proposal immediately so they can file individual comments. Monitor for related agency guidance (SEC, OCC, CFTC positions) that may follow.
