U.S. Treasury Department Seeks Public Input on Illicit Crypto Activity
The U.S. Treasury Department is seeking innovative methods to detect and prevent illicit activities in the cryptocurrency sector as it implements the new stablecoin law, the GENIUS Act. Key points include:
- The GENIUS Act is the first significant U.S. legislation to establish a regulatory framework for cryptocurrencies.
- The Treasury is inviting public comments for 60 days on strategies to identify and combat illegal activities involving digital assets.
- Implementation of the GENIUS Act will involve various federal agencies, including the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation.
- The sector awaits further legislative action on the Digital Asset Market Clarity Act, which has passed the House with bipartisan support.
- President Donald Trump is actively promoting crypto-friendly policies and encouraging regulators to establish standards swiftly.
Agency heads, including SEC Chairman Paul Atkins, have indicated they may advance certain initiatives prior to Congressional completion of related tasks.