‘We Know Where It Is’: Treasury Secretary Threatens To Freeze $1B of Iran’s Crypto
By Mathew Di Salvo
AI summary of the source article
U.S. Treasury Secretary Scott Bessent announced at a Washington event that American authorities are preparing to seize $1 billion of cryptocurrency linked to Iran. The move follows a February 2025 national security memorandum directing the Treasury to target Iran's shadow banking, money laundering, and sanctions-evasion operations. Iran has been using bitcoin to settle cross-border transactions and recently launched a bitcoin-backed insurance service for shipping companies. While Bessent did not detail how the seizure would occur, previous federal enforcement has targeted stablecoins like Tether's USDT, as decentralized assets like bitcoin cannot be frozen directly without centralized intermediaries.
Why it matters
The action demonstrates increasing U.S. regulatory and enforcement focus on combating sovereign use of digital assets and stablecoins to bypass international sanctions.
Key facts
- U.S. Treasury Secretary Scott Bessent stated authorities will probably seize $1 billion in cryptocurrency from Iran.
- Iran has been utilizing bitcoin to settle cross-border transactions and launched a bitcoin-backed shipping insurance service.
- A February 2025 national security memorandum directed the Treasury to target Iran's shadow banking and sanctions-evasion networks.