The Treasury must research the methods identified and weigh seven factors
What the document says“Upon completion of the public comment period described in subsection (a), the Secretary of the Treasury shall conduct research on the innovative or novel methods, techniques, or strategies that regulated financial institutions use, or have the potential to use, to detect illicit activity, such as money laundering, involving digital assets that were identified in such public comment period.”
Subsection (b). The Financial Crimes Enforcement Network is to evaluate each method against existing ones on seven factors: improvements in the ability to detect illicit activity involving digital assets, costs to regulated financial institutions, the amount and sensitivity of information collected or reviewed, privacy risks associated with that information, operational challenges and efficiency considerations, cybersecurity risks, and effectiveness at mitigating illicit finance.
What the document actually says“Upon completion of the public comment period described in subsection (a), the Secretary of the Treasury shall conduct research on the innovative or novel methods, techniques, or strategies that regulated financial institutions use, or have the potential to use, to detect illicit activity, such as money laundering, involving digital assets that were identified in such public comment period.”
Once the comment period ends, the Treasury must study what came in. The study covers ways to spot crime in digital assets.
A Treasury unit weighs each idea against what is used now. It counts seven things. They include the cost, the risk to privacy, and how well the idea works.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.