💥 The U.S. Treasury is considering the implementation of digital identification.
The U.S. Department of the Treasury has opened public consultations on the implementation of digital identification and AI technologies to enhance oversight of the cryptocurrency market under the GENIUS Act.
👆 The new law creates a basis for regulating stablecoin issuers and mandates the Ministry of Finance to explore compliance methods, including digital IDs, blockchain analytics, and #API .
Among the proposals is the integration of identity verification into #defi smart contracts, which will allow the embedding of #kyc and AML procedures into the infrastructure itself.
❗️ American banks express concern: a loophole in #GENIUSActP could allow stablecoin issuers to circumvent the ban on interest payments, threatening a withdrawal of trillions from deposits.
