In a Friday (Aug. 21) comment letter, the digital-asset trade group broadly endorsed proposed rules requiring permitted payment stablecoin issuers to maintain customer identification programs, or CIPs, comparable to those used by banks and other financial institutions under the Bank Secrecy Act.

But the association said the final rules must clearly limit those requirements to primary-market relationships in which an issuer deals directly with a customer, warning that extending customer-identification requirements to downstream wallet transfers could…