The US Treasury Department is looking for new ideas to detect and cut the illicit cryptography activity while it begins to put into force the new law on stablescoin.
The establishment and establishment of national innovation for American stablecoins (GENIUS) The law – the first major American law to erect a regulatory system in cryptographic space – called for government action on the limitation of the dangers of bad players in digital assets, and the Treasury Department requires public comments “to identify innovative or new methods, techniques or strategies that regulated financial institutions use or have the potential for use, to detect an illegal activity, the impression of involving digital actions “. “”
The cryptography sector will have a 60 -day comment window to share industry opinions on tightening on the use of shaded cryptography, according to the ministry’s request on Monday.
The law on engineering between now in what is generally a prolonged implementation period when a new financial regulation law enters the arena of federal agencies which must put it into force. The American banking regulations, such as the office of the controller of the Currency and Federal Deposit Insurance Corp., will also have policies to draw up in the future surveillance of stablecoin issuers.
But Genius was only the first and less important element of the legislative priority in two parts for the cryptographic industry. The sector is still expecting new measures from the Congress on the bill which would set up railings for larger digital asset markets. The House of Representatives was at the top of the recently adoption of its law on the clarity of the digital asset market with a large bipartite vote, but when the Senate returns from its summer vacation, it will take the reins to shape this legislation under a slightly different approach from the Chamber.
President Donald Trump prompted his administration to quickly develop cryptographic user -friendly policies, issuing multiple decrees and declarations for federal regulators to establish standards after years of resistance and legal challenges of the American government. Agency leaders such as the president of the Securities and Exchange Commission Paul Atkins suggested that they could do part of the work even before the Congress ended his crypto tasks.
Read more: Trump Signs Genius Act in Law, increasing the first major cryptography effort to become politics
