The Blockchain Association filed comments on the proposed GENIUS Act customer identification requirements for permitted payment stablecoin issuers. It supports identity checks for direct issuer‑customer relationships but opposes extending them to peer‑to‑peer transfers. Five federal agencies proposed joint standards in June 2026. The proposal would require issuers to collect a customer’s name, address, date of birth or formation date and identification number before account opening. It would require record retention for five years after the account closes or the verification is created. The rule would be added to each issuer’s anti‑money laundering and counter‑terrorist financing program under the Bank Secrecy Act. The Association said the requirement should apply only when the issuer has a direct customer relationship, such as issuing, redeeming, converting, repurchasing or providing custody of a stablecoin. It argued that the rule should not cover downstream transactions where the issuer does not intermediate, facilitate or approve the transfer. The agencies noted that roughly 99% of stablecoin activity takes place in secondary markets. They also said issuers have limited ability to obtain identities without direct interaction. The proposal allows issuers to rely on verification performed by other federally regulated financial institutions, provided the reliance is reasonable, documented in a contract and certified annually. The issuer remains responsible for compliance. The Association requested clarification on how the arrangement would work across affiliates, intermediaries and state‑regulated entities. It also asked that digital identity tools and verifiable credentials be explicitly permitted. The public comment period closed on August 21, 2026. Regulators will review the submissions and may adjust the definitions of “account,” “customer” and “digital asset service provider” before issuing a final rule. The agencies estimate that issuers will have 12 months after the final rule’s publication to comply, though no final publication date has been set. Implementation of the GENIUS Act’s licensing and restriction provisions for unlicensed stablecoin issuance is scheduled for January 18, 2027. The final rule will be issued after the agencies complete their review of the comments, and the scope of the customer identification requirement will affect the compliance requirements for issuers.