US Treasury Department Calls for Public Comments on Illicit Activities Involving Cryptocurrency

ChainCatcher reports that the U.S. Department of the Treasury is seeking public input to understand how financial institutions should combat illegal activities involving cryptocurrencies, a requirement set forth when last month's landmark stablecoin bill was signed into law.

On Monday, the Treasury submitted a request for comments on "innovative methods to detect illegal activities involving digital assets." According to the notice, the new law, titled the Guiding and Enabling National Innovation in U.S. Stablecoins Act (GENIUS), instructs the Treasury to seek input on issues related to application programming interfaces (APIs), artificial intelligence, digital identity verification, and the use of blockchain technology.

U.S. Treasury Secretary Yellen stated on Monday, "Stablecoins will expand the global use of the U.S. dollar by tens of billions, while also driving a surge in demand for U.S. Treasuries that back stablecoins. This is a win-win-win for all parties involved: stablecoin users, stablecoin issuers, and the U.S. Treasury."