On behalf of the stablecoin industry, Stablecoin Standard (SCS) recently submitted a response to the US Treasury's request for comments on methods for detecting illicit finance involving digital assets. SCS leadership gathered RegTech leaders, policy professionals, and privacy experts to present the case that implementing regulations for the GENIUS Act should adopt a novel approach to fighting crime; one that uses blockchain, AI, and other emerging technologies to protect consumer personal data that has been vulnerable to data breaches as a result of the legacy approach to illicit finance compliance. SCS recommended an alternative paradigm monitoring wallets and transactions instead of people.
