The Department of the Treasury has issued a notice seeking industry input on the potential advanced approaches or strategies for detecting and mitigating illicit finance risks related to digital assets.
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Treasury Leveraging Advanced Tech
According to the request for comment posted on the Federal Register Monday, the department is seeking insights on how financial institutions can leverage artificial intelligence, application program interfaces, digital identity verification and blockchain monitoring in identifying money laundering and other illegal activities involving digital assets.
GENIUS Act
The notice was issued in accordance with the Guiding and Establishing National Innovation for U.S. Stablecoins Act, or GENIUS Act. It aligns with Executive Order 14178, “Strengthening American Leadership in Digital Financial Technology,” which promotes the responsible development and utilization of digital assets, blockchain and related technologies.
Under the GENIUS Act, the Secretary of the Treasury is tasked with seeking public comments, while the department will conduct research based on the results of the solicitation. It will then provide a report to the Committee on Banking, Housing and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives. The Treasury will also issue new guidance based on its research findings.
Comments will be accepted until October 17.
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