The US Treasury Department has initiated a public consultation process related to the GENIUS Act, aiming to curb illicit activities linked to cryptocurrencies. This law, recently signed into effect by President Trump, mandates financial institutions to use innovative methods for detecting money laundering and other illegal actions related to digital assets. [Highlight: These include using API integrations, artificial intelligence, blockchain technology for identity verification, etc.] The Treasury Department is actively seeking public input on these matters as part of its regulatory framework for stablecoins. The agency specifically requests feedback on methods that financial institutions can employ to detect illicit activity related to digital assets. This data will be compiled and presented to the Senate Banking Committee and House Financial Services Committee, potentially leading to new regulations. The public consultation period ends on October 17th.