Julia is an experienced editor with a passion for covering a wide variety of beats. She loves all things politics and regularly covers regulatory updates on emerging technology here for Crypto News.
The U.S. Treasury is calling on the public to provide feedback required by the GENIUS Act on how the government could help prevent “illicit finance risks” tied to digital assets, per a Monday press release from the government department.
U.S. Treasury Puts The GENIUS Act In Action
According to the August 18 notice, the U.S. Treasury is seeking comment from interested members of the public at large on how financial institutions can push back on unlawful crypto use.
“This request for comment offers the opportunity for interested individuals and organizations to provide feedback on innovative or novel methods, techniques, or strategies that regulated financial institutions use, or could potentially use, to detect illicit activity involving digital assets,” the U.S. Treasury states.
“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 press release continues.
Scott Bessent Shares His Take In New Statement
Following news of the request for comment, U.S. Treasury Secretary Scott Bessent praised implementing the GENIUS Act as “essential” to “securing American leadership in digital assets.”
“Stablecoins will expand dollar access for billions across the globe and lead to a surge in demand for U.S. Treasuries, which back stablecoins,” Bessent said.
“It’s a win-win-win for everyone involved: stablecoin users, stablecoin issuers, and the U.S. Treasury Department,” he added.
U.S. President Donald Trump signed the crypto legislation into law last month, much to the appeasement of key players in the blockchain sector.
“Let me say, the entire crypto community, for years you were mocked and dismissed and counted out,” the president continued. “You were counted out as little as a year and a half ago — but this signing is a massive validation.”
The move reinforces that the GENIUS Act isn’t just symbolic — it’s now becoming the framework for America’s digital asset strategy.
