Just weeks after President Donald Trump signed the stablecoin-focussed GENIUS Act into a law, the U.S. Treasury has invited feedback on the legislation. On August 18, the Treasury issued a “request for comment” statement — asking individuals and organizations to participate in the process.
The GENIUS Act lays clear directions for stablecoin issuers in the U.S. It is part of President Trump’s ambitious plan to position U.S. as the crypto capital of the world. It was signed into a law on July 18.
Elaborating on this feedback seeking step, the U.S. Treasury that it was interested in reviewing novel methods, techniques, or strategies that could help financial institutes identify illicit activities involving digital assets.
“In particular, Treasury asks commenters about application program interfaces, artificial intelligence, digital identity verification, and use of blockchain technology and monitoring,” the statement said, clarifying what kinds of technologies it could consider extending to the banks in order to curb crypto misuse.
This public feedback will allow the department to analyze the financial costs that regulated financial institutes could incur hoping to nip crypto-related fraudulent activities in the stem.
“Innovative tools are critical to advancing efforts to address illicit finance risks but can also present new resource burdens for financial institutions. As required by the GENIUS Act, Treasury will use public comments to inform research on the effectiveness, costs, privacy and cybersecurity risks, and other considerations related to these tools,” the Treasury noted.
The carrying out of this step was part of the Section 9(a) of the GENIUS Act. Commenting on the development, Treasury Secretary Scott Bessent said stablecoins are bound to expand the access to the USD for billions globally — implying the necessity for these assets to be safeguarded against exploit.
Those interested in submitting their feedback have until October 17 to do so. All submitted comments will be publicly viewable, the Treasury noted.