US Treasury Seeks Opinions: Crypto Innovation to Combat Illegal Activities, Stablecoin Bill Implementation

The U.S. Department of the Treasury is seeking public input on how Financial Institutions should combat illegal activities involving Crypto Assets, which is a requirement from last month's landmark stablecoin bill signing into law.

On Monday, the U.S. Treasury submitted a request for comments on innovative approaches to detecting illegal activities involving digital assets. The notice states that the new law, titled "Guiding and Establishing the United States Stablecoin National Innovation Act (GENIUS)," instructs the Treasury to inquire about issues related to application programming interfaces (APIs), artificial intelligence, digital identity verification, and the use of blockchain technology.

U.S. Treasury Secretary Becerra said on Monday that stablecoins will expand the use of billions of dollars in U.S. dollars globally, while demand for U.S. Treasury bonds that support stablecoins is surging. This is a win-win-win situation for all participants: stablecoin users, stablecoin issuers, and the U.S. Treasury.