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Tether shares letters with US lawmakers to amplify transparency stance

tether-transparency-stance-us-lawmakers-crackdown
Edited by
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Tether shares letters with US lawmakers to amplify transparency stance

Tether is reiterating its commitment to collaborating with U.S. law enforcement and regulatory authorities to fight against unlawful activities.

Stablecoin issuer Tether is looking to increase its crackdown on illicit crypto transactions by sharing its recent letters to members of the U.S. House Financial Services Committee and U.S. Senate Committee on Banking, Housing and Urban Affairs.

In its first letter, Tether addressed its emphasis on know-your-customer (KYC) and regulatory compliance efforts, explaining the startup has created a dedicated Compliance Department running on a “strong KYC/AML program. Moreover, the company stated its KYC program has been examined by the IRS on behalf of FinCEN.

The stablecoin provider also revealed it uses a reactor tool from crypto market activity Chainalysis, which also sends reports of the transactions made in Tether’s secondary market.

The reactor tool reportedly helps Tether analyze blockchain transactions to identify wallets associated with problematic activities or funding what the U.S. government deems to be terrorist groups (i.e., Hamas and Hezbollah).

“Tether remains fully committed to using these tools to identify potentially suspicious transactions. We proactively reach out to law enforcement and anti-terrorist financing agencies and inform them of suspicious activity or wallets.”

Tether on its collaboration with law enforcement to close wallets with suspicious transactions

Per Tether’s second publicized letter, still addressed to Sen. Cynthia Lummis and House Rep. J. French Hill from Arkansas, the platform is working with the U.S. Secret Service and Federal Bureau of Investigation (FBI) to track parties using stablecoins to fund illicit activities and to return funds from thieves to victims. 

Furthermore, the letter exhibited Tether’s efforts in freezing 326 wallets through their recently enacted policy, which reportedly carried approximately 435 million USDT, in a joint effort with the US Department of Justice, Secret Service, and FBI.

“Our alignment with the Office of Foreign Assets Control (OFAC) Specially Designated Nationals (SDN) List is a proactive stance in security, not merely a compliance measure. By expanding our sanctions controls to the secondary market, we are setting a precedent in the industry, leading with foresight and vigilance.”

An excerpt from Tether’s Letter to Senator Lummis and Representative Hill

The company went ahead to say it has “established a new standard in its commitment to security,” and is focusing on building relationships with law enforcement, hoping the industry will follow suit.

Tether expects its collaboration with financial regulators should be “the norm, not the exception.”