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US Treasury Department Calls for Public Comments on Illegal Activities Involving Cryptocurrencies
Summary: According to reports, the US Treasury Department is seeking public feedback on how financial institutions should combat illegal activities involving cryptocurrencies, following the landmark stablecoin legislation signed into law last month. The US Treasury Department submitted a draft for public comment on Monday regarding innovative methods to detect illegal activities involving digital assets. The notice ...
According to reports, the US Treasury Department is seeking public feedback on how financial institutions should combat illegal activities involving cryptocurrencies, following the landmark stablecoin legislation signed into law last month.
The US Treasury Department submitted a draft for public comment on Monday regarding innovative methods to detect illegal activities involving digital assets. The notice states that the new law, known as the Guidance and Establishment of the US Stablecoin National Innovation Act (GENIUS), instructs the Treasury Department to inquire about issues related to application programming interfaces (APIs), artificial intelligence, digital identity verification, and the use of blockchain technology.
US Treasury Secretary Yellen stated on Monday that stablecoins will expand the global channels for the use of the US dollar by billions of dollars, while also increasing demand for US Treasury bonds that support stablecoins. This is a win-win-win situation for all participants: stablecoin users, stablecoin issuers, and the US Treasury Department.
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Link: US Treasury Department Calls for Public Comments on Illegal Activities Involving Cryptocurrencies [Copy]
