December 15, 2023 - Tether, the largest company in the cryptocurrency industry, has made public its recent letters to members of the US Senate Banking, Housing and Urban Affairs Committee and the House of Representatives Financial Services Committee. US These letters detail Tether's commitment to fighting illicit use of stablecoins.
As the creator of the industry's first, largest, most transparent and liquid stablecoin, Tether has created the financial underpinning of the US dollar in the crypto industry. Tether is committed to building a sustainable and resilient infrastructure for the cryptocurrency ecosystem.
Tether's recent letters reaffirm the company's continued efforts to assist US law enforcement and regulatory authorities in their efforts to combat terrorist financing and other illicit activities.
The letter of November 16 (linked here) describes Tether's anti-money laundering (AML) and Know Your Customer (KYC) policies and standards, and describes its proactive and extensive cooperation with law enforcement agencies around the world, including the Department of Justice of USA and the US Secret Service
On December 15 (linked here) The letter states Tether's proactive decision to align with the Office of Foreign Assets Control's (OFAC) Specially Designated Nationals (SDN) List, extending sanctions controls to the secondary market to ensure comprehensive security measures. Key points highlighted in the letter include:
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Tether's launch of a wallet freezing policy on December 1, 2023 is a landmark initiative to improve security and compliance within the cryptocurrency ecosystem.
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The strategic freezing of wallets associated with the SDN List is a strong measure to safeguard users and maintain the integrity of the stablecoin ecosystem.
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Tether's active role in assisting law enforcement agencies includes partnerships with the US Department of Justice, the US Secret Service, and ongoing efforts to collaborate with the Federal Bureau of Investigation . This collaboration aims to combat illegal activities and assist in the recovery of funds.
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Tether aims to set new industry standards through its commitment to security, regulatory compliance, and support for law enforcement, hoping to establish these practices as norms within the cryptocurrency industry.
"Tether welcomes the opportunity to address concerns raised by US lawmakers and we are committed to continuing Tether's close work with law enforcement in the US and globally." said Paolo Ardoino, CEO of Tether. "Tether seeks to be a world-class partner for the United States as we continue to help enforce the law and expand the hegemony of the dollar globally."
