According to ChainCatcher news, the U.S. Treasury is seeking public input on how financial institutions should combat illegal activities involving cryptocurrencies, as required when the landmark stablecoin bill was signed into law last month.
On Monday, the U.S. Treasury submitted a request for comments on "innovative methods for detecting illegal activities involving digital assets." The notice stated that this new law, titled (Guidance and Establishment of the U.S. 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 stated on Monday, "Stablecoins will expand the channels for dollar usage globally by billions, while the demand for U.S. Treasury bonds supporting stablecoins will surge. This is a win-win-win situation for all participants: stablecoin users, stablecoin issuers, and the U.S. Treasury."