Tether reaffirms commitment to cooperating with law enforcement

Company Tether published two letters to U.S. lawmakers. In them the firm stated its commitment to combating illicit use of the stablecoin USDT.

Tether Releases Letters Shared With The U.S. Senate Committee On Banking, Housing, And Urban Affairs And The U.S. House Financial Services Committee

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— Tether (@Tether_to) December 15, 2023

One document was sent to the Senate Committee on Banking, Housing, and Urban Affairs. The second was addressed to the House Committee on Financial Services.

“The recent letters from Tether confirm the company’s continued efforts to assist law enforcement and regulatory authorities in their fight against financing of terrorism and other illicit activity,” said the issuer’s USDT statement.

For the Senate Banking Committee, the firm outlined its policies and standards on anti-money laundering and KYC-practices. Tether also described active cooperation with law enforcement around the world, including the U.S. Department of Justice and the Secret Service (USSS).

In the document for the House committee, the company noted that it facilitates the Office of Foreign Assets Control (OFAC) in maintaining the sanctions regime.

Since 1 December 2023, Tether began freezing wallets linked to the department’s SDN list. The firm called this “a landmark initiative to enhance security and regulatory compliance in the cryptocurrency ecosystem”.

The company also pointed to its assistance to bodies such as the DOJ, USSS and FBI. In some cases the focus was not only on combating illicit financial activity but also on recovering assets for the victims.

In November, Tether blocked about 225 million USDT linked to an international criminal syndicate. The amount of frozen funds in the stablecoin was described as “the largest in history”.