In a recent blog post, Tether shared its letters to the U.S. Senate Committee on Banking, Housing, and Urban Affairs and the U.S. House Financial Services Committee.
These letters emphasize the company’s strong dedication to preventing the improper use of stablecoins, signaling a significant step for the company.
The disclosed letters accentuate the ongoing commitment of the company to support U.S. law enforcement and regulatory bodies in combating diverse illicit activities, such as terrorist financing.
Key to this vision is close cooperation with law enforcement. Tether has already assisted agencies like the Department of Justice, Secret Service, and FBI in freezing over $435 million worth of funds. Building on this, Tether has now onboarded the Secret Service and is doing the same with the FBI to further relationships.
The increased law enforcement collaboration comes after US Senators urged the DOJ in October to investigate Tether’s alleged enablement of terrorism financing and sanctions violations. While denying the allegations, Tether maintains its commitment to fighting crime.
Paolo Ardoino, CEO of Tether, expressed gratitude for the opportunity and said, “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.”
The letter of November 16 outlines Tether’s Anti-Money Laundering (AML) and Know Your Customer (KYC) protocols and benchmarks and highlights the company’s involvement with law enforcement agencies globally. including working closely with the U.S. Department of Justice and the U.S. Secret Service.
According to a letter of December 15, the company outlined its proactive decision to align with the Office of Foreign Assets Control (OFAC) Specially Designated Nationals (SDN) List.
This alignment extends sanctions controls to the secondary market, strengthening security measures.
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