The regulator published a 130-page document as part of the implementation of the GENIUS stablecoin law. The FDIC, OCC, and the Treasury Department's Financial Crimes Enforcement Network also participated in its development. The document aims to bring the industry under the standards established by the Bank Secrecy Act, which are followed by financial institutions. These include identity verification for account opening and checks for links to terrorism and other prohibited activities. Five members of the Federal Reserve supported the new measures. However, the new Chairman of the agency, Kevin Warsh, a cryptocurrency advocate, abstained. Federal Reserve Board member Michael Barr supports the document but is concerned about whether it adequately addresses issues related to illegal financing risks in secondary markets. The Federal Reserve will accept recommendations for 60 days.