Tether, the company behind the leading USDT stablecoin, has made public the letters it sent to the U.S. Senate Committee on Banking, Housing, and Urban Affairs.
Tether, the company behind the leading USDT stablecoin, has made public the letters it sent to the U.S. Senate Committee on Banking, Housing, and Urban Affairs, as well as the U.S. House Financial Services Committee, highlighting its dedication to security and its close partnerships with law enforcement agencies.
In the recent letter, Tether's CEO Paolo Ardoino, who recently assumed leadership of the company, emphasized Tether's decision to disable its tokens in all wallets associated with the Office of Foreign Assets and Controls (OFAC) sanction list. Ardoino claimed that Tether has assisted the Department of Justice, U.S. Secret Service, and Federal Bureau of Investigation (FBI) in freezing 326 wallets controlling 435 million USDT thus far. However, it appears that the recently frozen wallets contain a smaller number of tokens than the stated sum.
Ardoino also revealed that Tether has recently collaborated with the United States Secret Service and is currently working with the FBI. He said:
"Tether is grateful for the opportunity to address the concerns raised by U.S. lawmakers, and we are committed to continuing Tether’s close work with law enforcement in the U.S. and globally. Tether seeks to be a world class partner to the U.S. as we continue to assist law enforcement and expand dollar hegemony globally."
The letters, addressed to Senator Cynthia Lummis, a supportive figure for cryptocurrencies in the Senate, were also sent to the chairs and ranking members of the aforementioned committees.
Tether's decision to publish these letters aims to highlight its commitment to ensuring the security and integrity of its stablecoin. This comes after Tether announced its new policy to enhance collaboration with regulators, and recently helped the U.S. Department of the Treasury to freeze the wallets of OFAC-sanctioned individuals.
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