Tether Defends Sanctions Record, Says Senator’s Report Missed Progress

Tether sanctions compliance — Tether CEO Paolo Ardoino has defended the stablecoin issuer’s sanctions compliance efforts, stating a recent Senate investigation overlooked the company’s work that has led to lower transaction volumes in Iran.

In a post on X, Ardoino argued that Tether is often “way ahead of government sanctions” when freezing suspicious transactions. He contended that a report issued last month by Democrats on the Senate Permanent Subcommittee on Investigations ignored this positive work.

The report had accused Tether of providing “a significant financial lifeline within Iran’s shadow banking network.” Ardoino suggested Senator Richard Blumenthal, who led the probe, was fair in his investigation but that the findings missed crucial context regarding Tether’s proactive measures.

The CEO expressed confidence that the company is “doing the right thing” in observing sanctions. The response highlights ongoing tensions between major stablecoin issuers and U.S. lawmakers scrutinizing the potential use of crypto assets to circumvent international sanctions.