Tether's Ardoino disputes Blumenthal report on Iran sanctions timing

Tether’s CEO Paolo Ardoino has rejected a Senate Democrat’s findings on the company’s Iran compliance. Senator Richard Blumenthal had asked the Treasury and Justice departments to investigate whether Tether broke sanctions law. How is Tether linked to Iran? Paolo Ardoino, the CEO of Tether, wrote on X today that the company froze flagged addresses an average of four weeks before the U.S. Treasury’s Office of Foreign Assets Control (OFAC) and Israel’s National Bureau for Counter Terror Financing issued official designations. He added that in 99% of cases, the company froze addresses before blockchain analytics firm Chainalysis applied labels to them and that Tether’s work has led to a 94% drop in Iran-linked stablecoin volumes.

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