According to CoinWorld news, on August 19, the U.S. Department of the Treasury is seeking public input on how financial institutions should combat illegal activities involving cryptocurrencies. This is a requirement from last month when the landmark stablecoin bill was signed into law. On Monday, the Treasury submitted a request for comments regarding 'innovative approaches to detecting illegal activities involving digital assets.' The notice states that this new law, named (Guidance and Establishment of a National Innovation Act for U.S. Stablecoins) (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 Becerra stated on Monday, 'Stablecoins will expand the channels for the use of dollars globally by billions while increasing demand for U.S. Treasury bonds that support stablecoins. This is a win-win-win situation for all participants: stablecoin users, stablecoin issuers, and the U.S. Treasury.'
