In an announcement today, the Treasury Department requested public comments on “innovative methods” financial institutions could use to detect illegal activity tied to digital assets, including money laundering.
Suggestions may involve API integrations, artificial intelligence, blockchain monitoring, and digital identity verification.
Treasury Secretary Scott Bessent emphasized the benefits of stablecoins in a post on X, writing:
“Stablecoins will increase access to dollars for billions of people and increase demand for the US Treasury bonds that back stablecoins. This is a triple win for stablecoin users, issuers, and the US Treasury.”
The GENIUS Act, which took effect in July, establishes the first federal framework for stablecoins. Key provisions include:
The law also directs the Treasury to collect public input, with findings to be presented to the Senate Banking Committee and the House Financial Services Committee.
The public has until October 17 to submit feedback, which could help shape future regulations for the U.S. digital asset sector.
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