Crypto exchange Coinbase urges the U.S. government to adopt Artificial Intelligence (AI), blockchain analytics, and APIs to strengthen its fight against financial crime within the digital asset space. 🤝 🚨
Coinbase argues that money laundering schemes have become more sophisticated, requiring law enforcement agencies to adapt their tactics.
The company’s letter emphasizes a shift towards technology-driven AML reform, urging the Treasury Department to embrace innovative solutions like AI and blockchain analytics. 💻
Specifically, Coinbase urges for:
* A safe harbor for firms utilizing AI-powered compliance tools under the Bank Secrecy Act.
* Clarity on blockchain analytics regulations by the Treasury to incentivize their use.
* Law enforcement query systems to replace intrusive surveillance models.
Coinbase believes that clear rules and guidelines are vital to fostering innovation in AML, allowing companies to fully implement these technologies.
This comes as part of the US Treasury’s GENIUS Act consultation on preventing illicit activity in crypto. 💰