CoinVoice has recently learned that the U.S. Treasury is seeking public input on how financial institutions should combat illegal activities involving cryptocurrencies. This requirement was part of the milestone stablecoin legislation signed into law last month. On Monday, the Treasury submitted a request for comments on 'innovative methods for detecting illegal activities involving digital assets.' The notice stated that this new law, titled the (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 Yellen stated on Monday, 'Stablecoins will expand the channels for using dollars worth billions globally, while the demand for U.S. Treasury bonds that support stablecoins will surge. This is a win-win-win situation for all parties involved: stablecoin users, stablecoin issuers, and the U.S. Treasury.' [Original link]
