Here's a link to a post about the Federal Register request for comments (#1083806), but as usual, The Rage has some helpful commentary.
That the GENIUS Act would usher in a new era of scrutiny on digital assets should not be a surprise to anyone that has been following Congressional debates on the issue. The application of what the Treasury describes as "blockchain monitoring" has long been a best practice in compliance. Private contractors have increasingly been turning toward AI to analyze patterns in transactions, from Elliptic's pilot program that aims to "detect the shape of money laundering" to Chainalysis' AI powered "triage solution" Rapid.The Trump administration has since fast tracked the implementation of REAL ID, a 9/11 era program meant to harmonize the issuance of identity documents across states, which is effectively a drivers license meant to be made available in digital form. According to the American Association of Motor Vehicle Administrators, "AAMVA anticipates the [mobile Drivers License] mDL will eventually be used as a singular identity credential" that can be updated in real time.
The surveillance state already has a solid foundation, it's working on the walls now.