Key Takeaways Major banks urged FinCEN to extend strict identity requirements to secondary stablecoin markets. This would force retail and decentralized exchanges to collect user data under the Bank Secrecy Act. FinCEN notes this is practically challenging due to blockchain anonymity and the lack of central data. Big Banks Ask For Customer ID Requirements to Be Extended to Secondary Stablecoin Markets The Bank Policy Institute (BPI), a member organization that groups banking behemoths like JPMorgan, Bank of America, Wells Fargo, and Citi, among others, has proposed extending identity requirements to secondary stablecoin markets. In a comment letter on the “Permitted …