Stablecoin issuer Tether (USDT) is preparing to give the Federal Bureau of Investigation (FBI) access to its platform soon after onboarding the U.S. Secret Service.
In a new letter addressed to Senator Cynthia Lummis and Representative James French Hill, Tether chief executive Paolo Ardoino says that the crypto firm is onboarding law enforcement agencies as a means of combating crime.
“Tether continues to play a critical role in assisting law enforcement. As recently highlighted by the U.S. Department of Justice (DOJ), our work has helped thwart bad actors and aid victims’ recovery.
Tether recently onboarded the United States Secret Service into our platform and is in the process of doing the same with the Federal Bureau of Investigation (FBI). These strategic relationships reinforce our commitment to supporting law enforcement in combating nefarious activities and contributing to the recovery of victims’ funds.”
In the letter, Ardoino explains how Tether teamed up with the Office of Foreign Assets Control (OFAC) to freeze wallets on the government’s SDN (Specially Designated Nationals and Blocked Persons) list.
“Our alignment with OFAC’s SDN List is a proactive stance in security, not merely a compliance measure. By expanding our sanctions controls to the secondary market, we are setting a precedent in the industry, leading with foresight and vigilance.
This policy is straightforward yet impactful: we are freezing wallets associated with the SDN List. This strategic decision is a definitive move designed to protect our users and the integrity of the stablecoin ecosystem.”
In an accompanying press release, Ardoino says that Tether is on a mission to support law enforcement in an effort to elevate the status of the US dollar on the global stage.
“Tether is grateful for the opportunity to address the concerns raised by U.S. lawmakers, and we are committed to continuing Tether’s close work with law enforcement in the U.S. and globally. Tether seeks to be a world-class partner to the U.S. as we continue to assist law enforcement and expand dollar hegemony globally.”
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxCheck Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/klyaksun/WhiteBarbie
The post Tether Preparing To Give FBI Access to Firm’s Platform After Onboarding U.S. Secret Service: CEO Paolo Ardoino appeared first on The Daily Hodl.
