The U.S. Treasury Department calls on the public to comment on illegal activities related to Crypto Assets.

On August 19, the U.S. Treasury Department is seeking public input on how Financial Institutions should combat illegal activities involving Crypto Assets, as required when the significant stablecoin legislation was signed into law last month. The Treasury Department submitted a request for comments on "innovative approaches to detect illegal activities involving digital assets" on Monday. The notice states that the new legislation titled the "Guidance and Establishment of the U.S. Stablecoin National Innovation Act (GENIUS)" directs the Treasury to inquire about issues related to application programming interfaces (APIs), artificial intelligence, digital identity verification, and the use of Blockchain technology. U.S. Treasury Secretary Yellen stated on Monday, "Stablecoins will expand the channels for billions of dollars in U.S. dollar usage globally, while demand for U.S. Treasuries supporting stablecoins skyrockets. This is a win-win-win situation for all participants: stablecoin users, stablecoin issuers, and the U.S. Treasury."