US Treasury seeks public comment to explore new ways to crack down on illegal activities of digital assets
2025-08-18 19:10:03
The US Treasury issued a public notice on August 18 after Trump signed the GENIUS Stablecoin Act, seeking public opinion on how Financial Institution Groups can protect against digital asset violations, such as money laundering. The new law requires stablecoins to be fully backed by US dollars or their equivalent in current assets, conduct annual audits of issuers with a market capitalization of more than $50 billion, and regulate foreign issuance. Treasury Secretary Scott Bessent said stablecoins will expand the use of US dollars worldwide, increase demand for US Treasury bonds, and benefit users, issuers, and the Treasury. The public comment deadline is October 17. Some banking associations have raised concerns about the weakening of restrictions on interest payments by issuers in the bill, arguing that it could lead to stablecoins becoming a store of value and credit rather than a means of payment.
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