Chainlink Labs responds to U.S. Treasury consultation, proposes four digital asset compliance innovation recommendations
Foresight News reported that Chainlink Labs stated in an article that, as part of the implementation of the GENIUS Act, the U.S. Department of the Treasury has issued a request for comments on "innovative approaches to detecting illicit finance activities involving digital assets." Chainlink Labs responded by proposing four main concepts: portable digital identity, distinguishing between administrative control and customer relationships, rule-based on-chain compliance, and cryptographically secured reserve transparency, in order to improve the efficiency of detecting illicit financial activities while reducing privacy and operational risks. Chainlink Labs expressed its willingness to provide further information to support the Treasury's research and any subsequent guidance or regulatory development.
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