The Financial Crimes Enforcement Network, on behalf of the U.S. Department of the Treasury, published a Request for Comment mandated by the GENIUS Act on innovative methods that regulated financial institutions use or could use to detect illicit activity involving digital assets. The request seeks input on approaches including application programming interfaces, artificial intelligence, digital identity verification, and the use of blockchain technology and monitoring. Treasury plans to use the comments to inform research on these tools’ effectiveness and costs, as well as related privacy and cybersecurity risks and other considerations, in the context of Executive Order 14178 on strengthening U.S. leadership in digital financial technology.
Financial Crimes Enforcement Network 2025-08-18
Financial Crimes Enforcement Network launches GENIUS Act request for comment on tools to detect illicit digital asset activity
The Financial Crimes Enforcement Network, under the U.S. Department of the Treasury, issued a Request for Comment on innovative methods for detecting illicit digital asset activity. The focus is on technologies like APIs, AI, digital identity verification, and blockchain. Feedback will inform research on these tools' effectiveness, costs, and privacy and cybersecurity risks, aligning with Executive Order 14178 on enhancing U.S. leadership in digital financial technology.