Biden

Wally

Joe Biden

Senators sent letters to several departments about Russia, Iran, and North Korea possibly using Tether’s stablecoin to avoid U.S. sanctions.
As The Wall Street Journal (<a href="https://www.wsj.com/livecoverage/stock-market-today-earnings-04-29-2024/card/senators-question-biden-administration-on-russia-s-use-of-tether-to-evade-sanctions-PlE2eEOBx0ExqMSE2PxJ" target="_blank" rel="noopener noreferrer nofollow">WSJ</a>) reports, citing official documents, Senators Elizabeth Warren and Roger Marshall asked the Biden administration several clarifying questions related to Russia, Iran, and North Korea’s possible use of the USDT stablecoin.
According to the document, the stablecoin <a href="https://crypto.news/price/tether/" rel="noopener noreferrer nofollow">USDT</a>, backed by the U.S. dollar, allowed Russian companies to bypass sanctions and purchase components for drones and other equipment abroad.
Because of this development, senators asked whether the Department of Defense and the Joe Biden administration support the Treasury Department’s request for new powers.
You might also like: <a href="https://crypto.news/russias-central-bank-urges-lawmakers-to-hasten-crypto-bill-amid-us-sanctions/" rel="noopener noreferrer nofollow"> Russia’s central bank urges lawmakers to hasten crypto bill amid US sanctions </a>
Earlier in April, Deputy Treasury Secretary Wally Adeyemo <a href="https://crypto.news/us-treasury-demands-more-control-over-foreign-crypto-exchanges/" target="_blank" rel="noopener noreferrer nofollow">said</a> the active use of cryptocurrencies by Hamas, North Korea, and the Russian military-industrial complex led to Congress needing to approve new powers.
Tether has repeatedly <a href="https://crypto.news/tether-blacklists-four-addresses-holding-over-20m-in-usdt/" target="_blank" rel="noopener noreferrer nofollow">stated</a> that it is cooperating with U.S. authorities and, if necessary, is ready to freeze wallets linked to organizations using the stablecoin to circumvent <a href="https://crypto.news/tag/sanction/" target="_blank" rel="noopener noreferrer nofollow">sanctions</a>.
In late April, Tether officials promised to block addresses sanctioned by the Office of Foreign Assets Control (<a href="https://crypto.news/tag/OFAC/" target="_blank" rel="noopener noreferrer nofollow">OFAC</a>).&nbsp;The news came to light&nbsp;after the media reported that Venezuela’s state oil company is using the USDT stablecoin to circumvent U.S. restrictions.
You might also like: <a href="https://crypto.news/ofac-targets-hezbollah-linked-crypto-financier-to-disrupt-irans-terror-funding/" rel="noopener noreferrer nofollow"> OFAC targets Hezbollah-linked crypto financier to disrupt Iran’s terror funding </a>

US senators warn of countries using Tether to circumvent sanctions

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