US starts clock to bring in ID checks for converting dollars to stablecoins but DeFi stays outside the rules
US regulators have started the compliance clock for stablecoin issuers, with a proposed customer-identification rule that would make direct minting, redemption, and account relationships look more like bank onboarding. The bigger fight begins after that first customer check. Stablecoins can be bought, transferred, and used across exchanges, wallets, DeFi venues, and smart contracts long after…