🏦Treasury Requests Input on Detecting Illicit Activity in Digital Assets
Request for Comment on Innovative Methods To Detect Illicit Activity Involving Digital Assets
Summary
The U.S. Department of the Treasury invites interested members of the public to provide input on the use of innovative or novel methods, techniques, or strategies to detect and mitigate illicit finance risks involving digital assets. This notice fulfills a requirement of the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act) and supports the Administration's policy of supporting the responsible growth and use of digital assets, as outlined in the January 23, 2025, Executive Order 14178 on "Strengthening American Leadership in Digital Financial Technology."
Agencies
- Treasury Department
Business Impact
$$$ - High
The content outlines the U.S. Department of the Treasury's request for comments on methods to detect illicit activities related to digital assets, placing compliance and regulatory requirements on financial institutions. The GENIUS Act emphasizes consumer protection and financial institutions being treated as subject to all federal laws applicable to financial institutions, which could incur significant costs for businesses.