Stablecoin Standard Responds To US Treasury Stablecoin Request On Behalf Of Global Stablecoin Industry
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.
The full comment letter is available for download here.
About Stablecoin Standard
Stablecoin Standard (SCS) is the industry body focused on setting operational, transparency, and product-related standards for stablecoins. The SCS plans to achieve industry-wide standards by sharing international best practices, business development use cases, forming industry-led working groups defining what a high-quality liquid stablecoin should look like, and engaging with policymakers domestically & internationally. The SCS ecosystem consists of more than 35 advisory board members, industry partners and issuers that offer digital currencies in global jurisdictions such as the US, EU, Singapore, Australia, and Turkey - among others.
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Media Contact: stablecoinstandard@mgroupsc.com
