Stablecoin issuer Tether (USDT) is preparing to give the Federal Bureau of Investigation (FBI) access to its platform, shortly after onboarding the US Secret Service.
In a new letter addressed to Senator Cynthia Lummis and Representative James French Hill, Tether CEO Paolo Ardoino says the crypto company is turning to law enforcement agencies as a tool to fight crime.
“Tether continues to play a critical role in assisting law enforcement. As recently highlighted by the U.S. Department of Justice (DOJ), our work has helped thwart bad actors and promoted victims’ recovery.
Tether recently introduced the US Secret Service to our platform and is in the process of doing the same with the Federal Bureau of Investigation (FBI). These strategic relationships reinforce our commitment to supporting law enforcement in combating nefarious activities and contributing to the recovery of victims’ funds.”
In the letter, Ardoino explains how Tether worked with the Office of Foreign Assets Control (OFAC) to freeze wallets on the government’s SDN (Specially Designated Nationals and Blocked Persons) list.
“Our alignment with OFAC’s SDN list is a proactive approach to security, and not merely a compliance measure. By extending our sanctions controls to the secondary market, we are setting a precedent in the industry, leading the way with foresight and vigilance.
This policy is simple yet impactful: we freeze wallets associated with the SDN list. This strategic decision is a definitive step designed to protect our users and the integrity of the stablecoin ecosystem.”
In an accompanying press release, Ardoino says Tether is on a mission to support law enforcement in an effort to elevate the status of the U.S. dollar on the global stage.
“Tether is grateful for the opportunity to address the concerns of U.S. lawmakers, and we are committed to continuing Tether’s close collaboration with law enforcement in the U.S. and globally. Tether strives to be a world-class partner for the US as we continue to support law enforcement and expand the hegemony of the dollar globally.”
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