The FBI and the Secret Service have joined Tether, demonstrating the company’s dedication to fighting cyber criminality that uses USDT.
The newly appointed CEO of Tether, Paolo Ardoino, is making every effort to prevent the illegal use of the company’s stablecoins and to strengthen the security of the cryptocurrency market. The stablecoin issuer is aiming to step it up after the implementation of a new wallet-freezing policy that targeted people on the SDN list, leading to the freezing of more than 200 wallets.
The CEO of Tether recently wrote to US lawmakers to elaborate on his plan to onboard the Secret Service and the FBI, two of the most powerful law enforcement agencies in the country, in order to stop criminals from abusing the company’s stablecoins.
The USDT stablecoin’s creator, Tether, wrote to senators and representatives from the US House Financial Services and Senate Committee on Banking, Housing, and Urban Affairs on December 15 to emphasize its steadfast determination to reduce the illegal use of its currency.
As part of its commitment to constructing a robust and sustainable infrastructure, Tether has promised to fully cooperate with law authorities in their efforts to combat the funding of terrorism and other illegal activities.
Tether CEO Paolo Ardoino sent a letter in which he detailed the company’s new anti-crime initiatives, including its wallet-freezing policy, which assisted authorities in blocking access to more than 200 wallets and freezing more than 3.5 million USDT.
As a “tangible example” of its collaboration with law enforcement organizations, the stablecoin firm highlighted its support for the US Department of Justice, the US Secret Service, and the FBI. It said that it had helped freeze 326 wallets, totaling over $435 million so far.
The letter from Tether’s CEO demonstrated the company’s dedication to helping law enforcement. He said that the company has onboarded the US Secret Service and is now doing the same with the FBI.
The US senators who have called on the DOJ to investigate the stablecoin have been closely followed by Tether’s letter.
Senator Cynthia Lummis and Representative French Hill urged the Department of Justice to “expeditiously conclude” investigations into Tether’s potential participation in criminal activities and reach a “charging decision on Binance” in a letter issued to US Attorney General Merrick Garland as of October 26.
The congressmen claimed that Binance and Tether violated the Bank Secrecy Act and related sanctions laws by providing resources to allow crypto-funded terrorism.
Legislators also said that stablecoin issuers knew their currencies were being used for terrorist financing and other illegal acts, but they did not do sufficient vetting.