Debates around digital currencies often focus on future surveillance risks, but some analysts argue that extensive monitoring tools already exist within the current financial system. Aaron Day, a critic of expanding digital currency regulation, points to longstanding laws like the Bank Secrecy Act, which requires financial institutions to report certain transactions and suspicious activity to government agencies.

For example, banks automatically report cash transactions above $10,000 to the U.S. Treasury, and agencies such as FinCEN can temporarily lower reporting thresholds in specific regions to combat financial crime. Day argues these mechanisms show how governments can already track financial activity without new legislation. In his view, expanding oversight to stablecoins under the GENIUS Act could simply extend these monitoring frameworks into the rapidly growing world of digital assets.