Launchy Regulatory Roundup #93 - Fed Proposes Stablecoin ID Rules
CME Sues CFTC Over Perpetuals
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In Today’s Edition:
Headline: Fed Proposes Stablecoin ID Rules
Global Legal Roundup
Case Study: CME Sues CFTC Over Perpetuals
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HEADLINE
Fed Proposes Stablecoin ID Rules
State of play: The Federal Reserve proposed a rule requiring stablecoin issuers to maintain customer identification programs, aligning them with Bank Secrecy Act standards.
The 130-page rulemaking implements anti-illicit finance provisions under the GENIUS Act, passed into law.
The OCC, FDIC, and NCUA also participated in drafting the proposed rule.
Five Fed members voted to approve, while new Chair Kevin Warsh abstained.
Gov. Michael Barr backed the proposal but flagged gaps in addressing illicit finance risks in secondary market transactions.
What’s Next: The proposal moves to a public comment period before the Fed, OCC, FDIC, and NCUA finalize the rule, with issuers needing to build out compliance infrastructure ahead of enforcement.
Why it Matters: This is the first concrete AML framework attached to the GENIUS Act, setting the compliance bar every US stablecoin issuer will need to clear to operate legally.
Our Take: KYC at issuance is the easy part. Barr’s comment on secondary market evasion signals the real fight is coming over AML reach into DeFi and onward trading.
GLOBAL LEGAL ROUNDUP
America:
🇺🇸 CFTC enters settlement with former Celsius CEO.
🇺🇸 Two Texas brothers admit to $8M crypto robbery.
🇺🇸 CME Group sues CFTC over perpetual futures in US.
🇺🇸 Kentucky files lawsuits against Kalshi and Polymarket.
🇺🇸 CFTC, SEC request public comment to clarify definition of ‘swaps.’
🇺🇸 US gaming industry groups urge Senate to ban sports prediction markets.
🇺🇸 Rep. Steil introduces bill to block lawmakers from prediction markets bets.
🇺🇸 Fed rolls out proposal requiring stablecoin issuers to maintain customer id.
🇺🇸 Senate, House reach agreement on housing bill banning CBDC until 2030.
Europe:
🇪🇺 Binance may be forced to halt services for EU clients next month.
APAC:
🇦🇺 Australia’s High Court backs regulator in Block Earner crypto yield case.
🇰🇷 South Korean police arrest 23 individuals in $11M USDT laundering case.
CASE STUDY
CME Sues CFTC Over Perpetuals
State of play: CME Group sued the CFTC, accusing it of unilaterally letting crypto perpetual futures trade in the US without following Congress’s swap regulation framework.
CME filed the suit Thursday in the US District Court for DC against the CFTC and Chair Michael Selig.
The CFTC approved perpetual futures for Kalshi and Coinbase last month, the first to trade in the US.
CME argues the new products compete directly with its retail futures business and cause it injury.
CME CEO Terrence Duffy called perps a “disaster waiting to happen” and said he’ll step down in 2027.
The CFTC called the suit “lawfare” against its pro-innovation agenda and vowed to fight it.
Our Take: CME’s swap argument has real legal teeth, not just sour grapes, but it’s still an incumbent using classification rules to block a product it lost on. The skipped public comment period gives CME a genuine procedural hook.
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