The U.S. Treasury Department is seeking public input to explore new methods to combat illegal activities involving digital assets.

[The U.S. Treasury Seeks Public Input on New Methods to Combat Illegal Activities in Digital Assets] After Trump signed the GENIUS Stablecoin Act, the U.S. Treasury announced on August 18 that it is seeking public opinions on how financial institutions can prevent illegal activities related to digital assets (such as Money Laundering). The GENIUS Act requires stablecoins to be fully backed by U.S. dollars or equivalent liquid assets and mandates annual audits for issuers with a market capitalization exceeding $50 billion, while also regulating offshore issuance. Treasury Secretary Scott Bessent stated that stablecoins will expand the global use of the U.S. dollar, increase demand for U.S. Treasury bonds, and benefit users, issuers, and the Treasury. The deadline for public comments is October 17. Some banking associations have expressed concerns about the weakening of restrictions on interest payments to issuers in the bill, fearing it could lead to stablecoins becoming tools for value storage and credit instead of merely payment means.