Tether · Iran · US Senate · Democrats · CoinDesk
Tether: Senator's investigation overlooks positive work that's led to lower Iran volumes
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Tether is answering back against a report issued last month by Democrats on the Senate Permanent Subcommittee on Investigations that had accused the stablecoin firm of providing "a significant financial lifeline within Iran's shadow banking network," with Tether CEO Paulo Ardoino saying Monday that the probe missed the positive work it's doing to observe sanctions.
Key facts
- The Senate report went back several years, focusing in part on the period before 2024 in which it said Tether didn't comprehensively freeze flagged wallets
- Tether's CEO also spoke remotely at a Washington event, DC Fintech Week, and addressed the senator's report there, as well, last Tuesday
- Ardoino went on to argue that the company's actions "led to Iran-linked stablecoin volumes declining by 94%
- Senator Richard Blumenthal, the subcommittee's top Democrat, led the effort, which further highlighted Democratic lawmakers' concerns that crypto is used to support illicit finance
Summary
Tether CEO Paulo Ardoino posted on X that his company is often way ahead of government sanctions when it freezes suspicious transactions, a point he contends a recent report from Senate Democrats ignored. Senator Richard Blumenthal, the subcommittee's top Democrat, led the effort, which further highlighted Democratic lawmakers' concerns that crypto is used to support illicit finance.
Ardoino went on to argue that the company's actions "led to Iran-linked stablecoin volumes declining by 94%."