WASHINGTON–The Treasury Department is seeking comment on “novel methods, techniques, or strategies” that banks and other financial institutions can or could use to detect illicit activity involving digital assets.
The call for comment is required by the recently passed 2025 Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, which is aimed at creating a framework for a digital currency in the U.S., according to the White House.
Credit unions were among those that supported the legislation.
The Specifics
Specifically, Treasury said it is seeking comment on application program interfaces, artificial intelligence, digital identity verification, and use of blockchain technology and monitoring.
“Innovative tools are critical to advancing efforts to address illicit finance risks but can also present new resource burdens for financial institutions,” Treasury said in a released statement. “As required by the GENIUS Act, Treasury will use public comments to inform research on the effectiveness, costs, privacy and cybersecurity risks, and other considerations related to these tools.”
