The U.S. Treasury is inviting feedback on how to fight illicit activity in crypto markets as part of the newly enacted GENIUS Act, signed into law by President Donald Trump last month.
In an announcement today, the Treasury Department requested public comments on “innovative methods” financial institutions could use to detect illegal activity tied to digital assets, including money laundering.
Suggestions may involve API integrations, artificial intelligence, blockchain monitoring, and digital identity verification.
Treasury Secretary Scott Bessent emphasized the benefits of stablecoins in a post on X, writing:
“Stablecoins will increase access to dollars for billions of people and increase demand for the US Treasury bonds that back stablecoins. This is a triple win for stablecoin users, issuers, and the US Treasury.”
GENIUS Act Sets National Stablecoin Framework
The GENIUS Act, which took effect in July, establishes the first federal framework for stablecoins. Key provisions include:
- Stablecoins must be fully backed by U.S. dollars or similarly liquid assets.
- Issuers with a market cap above $50 billion must undergo annual audits.
- New guidelines apply to stablecoins issued outside the U.S.
The law also directs the Treasury to collect public input, with findings to be presented to the Senate Banking Committee and the House Financial Services Committee.
Comment Period Open Until October
The public has until October 17 to submit feedback, which could help shape future regulations for the U.S. digital asset sector.
The information provided in this article is for informational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
Source: https://coindoo.com/trumps-new-stablecoin-law-triggers-public-debate-in-the-u-s/