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Senators Concerned Over Tether’s Use by Sanctioned Nations

Tether

Fearing that Russia, Iran, and North Korea will use Tether’s stablecoin to avoid US sanctions, some senators wrote to several departments with their concerns.

The Wall Street Journal (WSJ) says that official documents show that Senators Roger Marshall and Elizabeth Warren asked the Biden administration to clarify the potential use of Tether stablecoin by North Korea, Iran, and Russia.

According to the paper, Russian enterprises were using stablecoin Tether, which is underpinned by the US dollar, as a purchasing tool for buying drone parts and some other equipment from abroad, which enabled them to get around the sanctions.

The Senators were eager to know if the Defense Department and the Joe Biden administration supported the Treasury Department’s request for additional authority in light of this new revelation.

As Wally Adeyemo, Deputy Treasury Secretary, said, Congress had to give new authorities since North Korea, Hamas, and the Russian military-industrial complex actively used cryptocurrency in April.

Tether has always been open about its collaboration with US authorities and its willingness to freeze the wallets of businesses using the stablecoin for sanctions evasion if necessary.

At the end of April, Tether representatives undertook to ban OFAC-sanctioned addresses. The media revealed the news after they reported that the state oil corporation of Venezuela is using the Tether stablecoin in order to evade US sanctions.

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