US Ministry of Finance Seeks Public Feedback on Combatting Illicit Activity in Digital Assets
The US Ministry of Finance is taking a significant step towards enhancing the security and transparency of the digital assets industry by seeking public input on innovative methods and tools for recognizing and mitigating illicit activities. This move is part of the ministry’s efforts to promote responsible growth and use of cryptocurrencies, as outlined in the Genius Act and Executive Order 14178, signed by President Donald Trump in July and January 2025, respectively.
The public has been invited to share their comments and suggestions on the techniques and strategies used by institutions to identify and reduce illegal financial risks in the crypto space. The focus areas for public input include application programming interfaces, digital identity review, artificial intelligence, and blockchain technology use and monitoring. By soliciting public feedback, the Ministry of Finance aims to gather valuable insights and information that will inform its research on the effectiveness of various tools, associated costs, data protection features, and cybersecurity risks.
Why Public Contributions Matter
The Genius Act requires the Ministry of Finance to use public input to inform its research and decision-making processes. By engaging with the public, the ministry can tap into the collective expertise and experience of individuals and organizations involved in the digital assets industry. This collaborative approach will help the ministry to develop guidelines that support the responsible growth and use of cryptocurrencies, while also ensuring the safety and security of the US financial system.
The public feedback period, which is open until October 17, 2025, provides an opportunity for individuals and organizations to contribute to the development of a comprehensive regulatory framework for stablecoin issuers in the United States. The Ministry of Finance’s commitment to public engagement is a key aspect of its efforts to strengthen American leadership in digital financial technology, as outlined in Executive Order 14178.
Expert Insights and Analysis
In the ecosystem of cryptocurrency and blockchain security and analysis, platforms such as Chainalysis and TRM Labs have become critical components, providing tools to recognize and flag potential threats and risks. These platforms have developed sophisticated technologies and methodologies to detect and prevent illicit activity, including money laundering, terrorist financing, and other forms of financial crime.
By leveraging the expertise and experience of these platforms, as well as the insights and suggestions of the public, the Ministry of Finance can develop a more effective and comprehensive approach to combatting illicit activity in the digital assets industry. This collaborative approach will help to promote a safer, more secure, and more transparent financial system, while also supporting the growth and development of the digital assets industry.
For more information on the Ministry of Finance’s request for public input, please visit https://crypto.news/treasury-seeks-public-input-on-detection-of-illicit-activity-in-digital-assets/
