The U.S. Department of the Treasury issued a request for comment, required by the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act.
Processing Content
President Trump signed the GENIUS act into law last month, creating a regulatory framework for stablecoins, a form of cryptocurrency tied to fiat currency like the U.S. dollar or to short-term U.S. Treasuries.
The request for comment gives an opportunity 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," according to a statement. The Treasury asks commenters specifically about application program interfaces, artificial intelligence, digital identity verification, and use of blockchain technology and monitoring.
The U.S. Treasury building in Washington, D.C.
Samuel Corum/Bloomberg
As required by the act, the Treasury will use public comments to inform its research on the effectiveness, costs, privacy and cybersecurity risks, and other considerations related to these tools.
Comments should be submitted within 60 days of the publication in the Federal Register by October 17, and will be publicly viewable at www.regulations.gov.
Paige Hagy is a reporter at Accounting Today based in Brooklyn, New York. She was previously a breaking news reporter at Fortune Magazine. Prior, she... Read full bio
The proposed regs apply to taxpayers who sell or exchange farmland to qualified farmers and elect to pay the tax on the gain in four equal annual installments.
Close automation platform Numeric announced the launch of not an ERP but what they're calling an FDP or Financial Data Platform, meant to be a replacement for enterprise companies with complex accounting needs.
The Internal Revenue Service's National Distribution Center is experiencing a sharp decline in demand for paper tax products, according to a new report.
