The U.S. Treasury Department Calls for Public Comment on Cryptocurrency Illegal Activity

BlockBeats News, August 19, the U.S. Treasury is seeking public comments to understand how financial institutions should combat illegal activities involving cryptocurrency, following last month's landmark stablecoin legislation becoming law.

The U.S. Treasury on Monday issued a request for comments on "innovative approaches to detecting illicit activities involving digital assets." The notice stated that this new law, called the "Guidance and Examination of the United States Stablecoin National Innovation in Use of Strategic Plans Act" (GENIUS), directs 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 Yellen said on Monday, "Stablecoins will expand the global USD channels by tens of billions of dollars, while demand for U.S. Treasury bonds supporting stablecoins will surge. This is a triple win situation for all participants: stablecoin users, stablecoin issuers, and the U.S. Treasury."