Tether: Senator's investigation misses positive work that's led to lower Iran volumes
Source: CoinDesk ·
From the source
The stablecoin issuer's CEO, Paolo Ardoino, has been defending against accusations that the firm's stablecoins have fueled financial activity in Iran. Tether is answering back against a report issued last month by Democrats on the Senate Permanent Subcommittee on Investigations that had accused the stablecoin firm of providing "a significant financial lifeline within Iran's shadow banking network," with Tether CEO Paulo Ardoino saying Monday that the probe missed the positive work it's doing to observe sanctions. Senator Richard Blumenthal, the subcommittee's top Democrat, led the effort, which further highlighted Democratic lawmakers' concerns that crypto is used to support illicit finance. But Ardoino contends that Tether freezes suspicious transactions well before entities such as the U.S. Treasury Department's Office of Foreign Assets Control and Israel's National Bureau for Counter Terror Financing formally flag them. "Senator Blumenthal's 'analysis' of Tether's sanctions report…