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

ChainCatcher News, the U.S. Department of the Treasury is seeking public input on how financial institutions should combat illegal activities involving cryptocurrencies, a requirement that came with the signing of the landmark stablecoin legislation into law last month.

On Monday, the U.S. Treasury submitted a request for comments on "innovative approaches to detecting illegal activities involving digital assets." The notice stated that the new law, 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 the use of U.S. dollars by billions globally, while the demand for U.S. Treasury securities that support stablecoins will surge. This is a win-win-win situation for all participants: stablecoin users, stablecoin issuers, and the U.S. Treasury."