Tether releases correspondence with the US House Financial Services Committee and the US Senate Committee on Banking, Housing, and Urban Affairs.
December 15, 2023
The largest cryptocurrency company, Tether, has released the contents of a recent letter it sent to senators and members of the house financial services committee and the U.S. Senate Committee on Banking, Housing, and Urban Affairs.
Tether’s commitment to combating the unlawful use of stablecoins is outlined in these letters.
In the cryptocurrency space, Tether is credited with creating the first, biggest, most transparent, and liquid stablecoin in history, as well as the financial foundation for the US dollar.
Tether is dedicated to developing robust and sustainable infrastructure for the bitcoin network.
Recent letters from Tether confirm the company’s ongoing efforts to support American law enforcement and regulatory agencies in their fight against the funding of terrorism and other illegal activity. The letter dated November 16th (available via this link) describes Tether’s Anti-Money.
The company outlines its proactive and wide-
ranging cooperation with law enforcement agencies worldwide, including the U.S. Department of Justice and the U.S. Secret Service, and discusses its Anti-Money Laundering (AML) and Know Your Customer (KYC) policies and standards.
Tether’s proactive decision to align with the Office of Foreign Assets Control (OFAC) Specially Designated Nationals (SDN) List, which extends sanctions controls to the secondary market to ensure comprehensive security measures, is outlined in a letter dated December 15th (linked here).The letter’s main points are as follows:
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The wallet
freezing policy that Tether will introduce on December 1, 2023, is a significant step towards improved security and compliance in the cryptocurrency space.
To protect users and preserve the integrity of the stablecoin ecosystem, the deliberate freezing of wallets linked to the SDN List is a strong step.
As part of its proactive assistance to law enforcement, Tether maintains relationships with the US Department of Justice, US Secret Service, and the Federal Bureau of Investigation.
aims to combat illegal activities and aid in fund recovery.
Tether aspires to set new industry standards through its commitment to security, regulatory compliance, and support for law enforcement, hoping to establish these practices as norms within the cryptocurrency industry.
“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” stated Paolo Ardoino, CEO of Tether. “Tether seeks to be a world class partner to the U.S. as we continue to assist law enforcement and expand dollar hegemony globally.”
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