💡Information


The U.S. Department of the Treasury has launched a public consultation under the GENIUS Act to explore the integration of digital identity verification tools in DeFi smart contracts to combat illegal financial activities. The proposal includes automatically executing KYC/AML checks on-chain through API interfaces and using biometric technology to reduce compliance costs. Banking groups warn that if there are loopholes in the regulation of stablecoin interest payments, it could lead to a $6.6 trillion outflow of bank deposits. The public consultation will continue until October 17, 2025.
DEFI-2.28%
View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Repost
  • Share
Comment
0/400
No comments
Trade Crypto Anywhere Anytime
qrCode
Scan to download Gate App
Community
English
  • 简体中文
  • English
  • Tiếng Việt
  • 繁體中文
  • Español
  • Русский
  • Français (Afrique)
  • Português (Portugal)
  • Bahasa Indonesia
  • 日本語
  • بالعربية
  • Українська
  • Português (Brasil)