US Treasury Secretary Scott Bessent revealed that the United States is preparing to seize $1 billion in cryptocurrency assets this week as part of ongoing efforts to enforce sanctions against Iran.
Crackdown targets Iran’s financial networks
Bessent shared this statement at the Newsmax NPolicy Summit on Thursday, confirming that the planned seizure forms part of a broader strategy to restrict Iran’s access to international financial resources. The move coincides with increased scrutiny following Iran’s latest military actions that began in February.
While Bessent did not specify whether the assets are tied to particular crypto exchanges or stem from action by stablecoin issuers, he emphasized the aim is to economically isolate Iran. He stated, “We know where it is, and we are isolating them,” during a discussion with journalist Greta Van Susteren.
“We know where it is, and we are isolating them.”
The strategy includes a focus on disrupting financial channels that support Iran’s regime, regardless of whether transactions occur in US dollars, Iranian rials, or digital assets.
Role of OFAC and previous seizures
The Treasury Department’s Office of Foreign Assets Control (OFAC) has played a central role in targeting entities suspected of facilitating crypto transfers for Iran’s Islamic Revolutionary Guard Corps. OFAC, which administers and enforces US economic sanctions programs, announced new designations in August against crypto exchanges accused of assisting Iran with illicit finance.
Bessent said that Washington intends to raise pressure on Tehran by further disrupting networks moving funds to the Iranian government, reflecting a continued focus on cryptocurrency as a vector for sanctions evasion.
In an interview in April, the Treasury Secretary indicated that US authorities had previously confiscated $500 million in digital assets allegedly linked to Iran.
Mini dictionary: OFAC – The Office of Foreign Assets Control is a department within the US Treasury responsible for administering and enforcing economic and trade sanctions based on US foreign policy and national security goals.
Stablecoins also under scrutiny
Stablecoin issuer Tether took action in alignment with sanctions, freezing $550 million worth of USDt (USDT) linked to Iran in 2026. According to Tether, $344 million of these frozen assets were blocked in April alone as part of efforts led by US authorities.
US authorities have focused on disrupting the financial networks supporting the Iranian regime using traditional and digital currencies alike.
The crackdown on crypto related to Iran underscores Washington’s intention to tighten controls on digital assets suspected of facilitating sanctioned activities.
