U.S. Treasury Seeks Public Input on Combating Crypto-Related Illegal Activities

According to BlockBeats, the U.S. Treasury is soliciting public feedback on how financial institutions should address illegal activities involving cryptocurrencies. This initiative follows the recent enactment of a landmark stablecoin bill. On Monday, the Treasury submitted a request for comments on "innovative methods to detect illegal activities involving digital assets." The notice highlights the new law, titled the "Guidance and Establishing National Innovation for U.S. Stablecoins Act" (GENIUS), which directs the Treasury to inquire about the use of application programming interfaces (API), artificial intelligence, digital identity verification, and blockchain technology. U.S. Treasury Secretary Besant stated on Monday that stablecoins will expand the global channels for dollar usage by billions, while significantly increasing the demand for U.S. Treasury bonds supporting stablecoins. This scenario is described as a win-win-win for stablecoin users, issuers, and the U.S. Treasury.