- Tether has released letters addressed to the U.S. Senate Committee on Banking, Housing, and Urban Affairs and the U.S. House Financial Services Committee.
- Tether underlines its role in providing a solid financial foundation for the U.S. dollar in the crypto industry.
- These letters underscore Tether’s active role in assisting law enforcement agencies.
In a move towards transparency and regulatory compliance, Tether has released letters addressed to the U.S. Senate Committee on Banking, Housing, and Urban Affairs and the U.S. House Financial Services Committee. These letters emphasize Tether’s dedication to combating illicit activities associated with stablecoins and detail the company’s robust measures to ensure security within the cryptocurrency ecosystem.
Tether underlines its role in providing a solid financial foundation for the U.S. dollar in the crypto industry. The company expresses its commitment to building sustainable and resilient infrastructure for the broader cryptocurrency ecosystem.
The letter dated November 16th outlines Tether’s comprehensive Anti-Money Laundering (AML) and Know Your Customer (KYC) policies and standards. It highlights the company’s proactive cooperation with law enforcement agencies worldwide, including the U.S. Department of Justice and the U.S. Secret Service.
In the letter dated December 15th, Tether announces its decision to align with the Office of Foreign Assets Control (OFAC) Specially Designated Nationals (SDN) List. This move extends sanctions controls to the secondary market, reinforcing security measures and demonstrating Tether’s commitment to combating illicit financial activities.
Furthermore, Tether introduces a groundbreaking wallet-freezing policy effective December 1, 2023, aiming to enhance security and compliance within the cryptocurrency ecosystem. This strategic move involves freezing wallets associated with the SDN List, ensuring the safety of users and maintaining the stability of the stablecoin ecosystem.
These letters underscore Tether’s active role in assisting law enforcement agencies, including partnerships with the U.S. Department of Justice, the U.S. Secret Service, and ongoing efforts to collaborate with the Federal Bureau of Investigation. These collaborations focus on combating illegal activities and aiding in fund recovery.
Paolo Ardoino, CEO of Tether, expressed gratitude for the opportunity to address concerns raised by U.S. lawmakers. He reiterated Tether’s commitment to close collaboration with law enforcement in the U.S. and globally, seeking to be a world-class partner in the ongoing efforts to combat illicit activities and expand the influence of the U.S. dollar globally.