The U.S. Department of Treasury is requesting public comment on innovative methods to detect illicit activity involving digital assets, fulfilling a requirement under the GENIUS Act signed into law by President Trump in July. Comments must be submitted by 17 October.

A key benefit of blockchains is their inherent traceability, which contrasts with traditional payments, where banks only have visibility over transactions they touch. It’s these sorts of technology benefits that Treasury wants to leverage for oversight. Blockchain analytics firms such as Chainalysis and TRM Labs already provide services to many governments.

The request focuses on four key technology areas: application program interfaces (APIs), artificial intelligence, digital identity verification and blockchain monitoring. Treasury specifically seeks input on costs, privacy implications, operational challenges and cybersecurity risks associated with these approaches.

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