In a recent revelation,Tether, the leading stablecoin issuer, has entered into collaboration with the U.S. Secret Service and is actively pursuing a similar alliance with the Federal Bureau of Investigation (FBI). The pertinent question arises: Is Tether truly onboarding these key federal agencies? Let’s delve into the details.
In a detailed communication dated December 15, Tether CEO Paolo Ardoino addressed Senator Cynthia M. Lummis and Congressman J. French Hill, shedding light on a groundbreaking wallet-freezing policy initiated earlier this month. This move is strategically designed to bolster the toolkit available to law enforcement agencies in their battle against the illicit use of stablecoins.
Ardoino emphasized that the alignment with the Office of Foreign Assets Control (OFAC) Specially Designated Nationals (SDN) List goes beyond mere compliance; it represents a proactive stance in security. Tether’s engagement with the Secret Service and ongoing discussions with the FBI underscore their commitment to aiding law enforcement in combatting malicious activities and facilitating the recovery of victims’ funds.
Tether Releases Letters Shared With The U.S. Senate Committee On Banking, Housing, And Urban Affairs And The U.S. House Financial Services Committee
Read More ⬇️https://t.co/wK9iU4ht6i
— Tether (@Tether_to) December 15, 2023
The CEO revealed that Tether has actively supported the Department of Justice (DOJ), Secret Service, and FBI in freezing 326 wallets, collectively holding approximately $435 million USDT. This proactive measure aligns with Tether’s dedication to robust Anti-Money Laundering (AML) and Know Your Customer (KYC) policies, as outlined in a comprehensive 31-page letter sent in November.
The person that WSJ cites in its article is not a Tether spokeperson nor works at Tether, as that person repeatedly said in her correspondence with the tabloid. Pure bullies. Not unexpected from them tho.
Bloomberg as always publishes articles based on unconfirmed information -…
— Paolo Ardoino 🍐 (@paoloardoino) September 22, 2023
These revelations come amidst growing congressional concerns over stablecoins being exploited for illicit purposes, including terror financing. Over 100 members of Congress, including Senator Elizabeth Warren, have urged swift action against crypto-related illicit activities. Ardoino also disputed a Wall Street Journal report linking Tether to the Palestinian Islamic Jihad (PIJ), emphasizing that the article’s source was neither a Tether spokesperson nor an employee.
