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Tether, the issuer of the popular stablecoin USDT, has taken decisive steps to address concerns regarding potential risks associated with stablecoins and their involvement in illicit activities.
In response to inquiries from Senator Cynthia M. Lummis and Congressman J. French Hill, Tether has publicly shared letters underscoring its commitment to transparency and legal compliance.
Tether Releases Letters Shared With The U.S. Senate Committee On Banking, Housing, And Urban Affairs And The U.S. House Financial Services Committee
Read More⬇️https://t.co/wK9iU4ht6i
— Tether (@Tether_to) December 15, 2023
Under the leadership of CEO Paolo Ardoino, Tether has intensified its efforts to preserve the integrity of the cryptocurrency space.
A significant strategic move involved the adoption of a policy to freeze wallets associated with individuals on the Specially Designated Nationals list, a sanctions list maintained by the US Treasury Department. This proactive measure resulted in the freezing of over 200 wallets, showcasing Tether’s dedication to compliance and deterrence.
Tether Has Frozen 326 Wallets So Far
In its ongoing cooperation with law enforcement agencies, including the Department of Justice, the US Secret Service, and the Federal Bureau of Investigation, Tether has frozen 326 wallets containing a total of 435 million USDT to date. This collaboration underscores the company’s commitment to actively combating illicit activities in the crypto sector.
A notable development in Tether’s anti-abuse initiative is the recent decision to stop supporting wallets sanctioned by the US Office of Foreign Asset Controls. Despite a lower token amount in the latest batch of frozen wallets, Tether reaffirms its dedication to working with international authorities. The objective is to enhance security measures and prevent potential misuse of its tokens, demonstrating a proactive stance against any form of abuse within its ecosystem.
Tether’s strong and strategic actions underscore its commitment to maintaining a secure and compliant cryptocurrency environment. The company’s collaboration with law enforcement and its proactive measures demonstrate a concerted effort to stay ahead of potential risks associated with stablecoins, ensuring the continued integrity of the crypto space.
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