Tether is a ‘lifeline’ for Iranian regime, Senate Dems say in new report

Democrats on the Senate's Homeland Security and Governmental Affairs Committee's Permanent Subcommittee on Intelligence published a report Monday laying out the argument that Tether USDT $1.0000 plays a key role in allowing Iran to conduct transactions that skirt international sanctions.

"Iran's cryptocurrency-based shadow banking network has processed significant volumes of funds and implicates various Iranian interests," the report said, adding that Tether has "repeatedly failed" to block Iran-connected wallets.

"USDT has become a significant financial lifeline within Iran's shadow banking network," the report said.

When Tether does freeze wallets, it sometimes takes weeks, but the company also sometimes responds to requests without actually blacklisting wallets, the report claimed.