BlockBeats reported that on August 19, the U.S. Treasury is seeking public comments on how financial institutions should combat illegal activities involving cryptocurrencies, as required when the landmark stablecoin bill was signed into law last month.
The U.S. Department of the Treasury submitted a request for comments on 'innovative methods to detect illegal activities involving digital assets' on Monday. The notice stated that this new law, named (Guidance and Establishment of a National Stablecoin 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 Bessenette stated on Monday, 'Stablecoins will expand the channels for dollar usage by billions globally, while demand for U.S. Treasury securities supporting stablecoins will surge. This is a win-win-win situation for all participants: stablecoin users, stablecoin issuers, and the U.S. Treasury.'
