The US Treasury has launched a public consultation under the GENIUS Act to explore integrating digital authentication tools into DeFi smart contracts to combat illicit financial activity. Proposals include automating on-chain KYC/AML checks through API interfaces, while using technologies such as biometrics to reduce compliance costs.
Banking groups have warned that a loophole in the regulation of stablecoin interest payments could lead to an outflow of $6.60 trillion in bank deposits. The public consultation will continue until October 17, 2025, followed by a Treasury report to Congress and possible new regulations.
US Treasury considers embedding digital authentication mechanism in DeFi protocol
2025-08-17 08:09:39
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