U.S. Treasury Secretary Scott Bessent has indicated that American authorities are poised to seize $1 billion in cryptocurrency holdings associated with Iran.
During an appearance at Newsmax’s NPolicy Summit in Washington, D.C., on Thursday, Bessent remarked that the economic sanctions imposed on the Middle Eastern nation are proving effective.
It has been noted that Iran has been utilizing Bitcoin and other cryptocurrencies to circumvent U.S. sanctions. In April, the U.S. initiated measures targeting cryptocurrency wallets linked to the Iranian regime, as Bessent stated at that time.
Bessent expressed, “What we have done has never been seen before” concerning the sanctions against Iran.
He further asserted, “We’re probably going to seize $1 billion of crypto this week. We know where it is. We are isolating them. We pursued a maximum pressure campaign, and now we have an absolute isolation campaign, which is yielding results.”
However, Bessent did not disclose which specific cryptocurrencies would be seized or the methodology behind the seizure.
Experts suggest that it would be extremely challenging, if not unfeasible, for the U.S. to freeze Iran’s Bitcoin assets unless they are stored on a centralized exchange.
Bitcoin, given its inherent resistance to censorship, cannot be easily frozen. In contrast, many other cryptocurrencies, such as Tether’s USDT, are subject to seizure. Bessent had previously indicated that federal authorities had confiscated Iran’s cryptocurrency holdings in the form of this popular stablecoin.
Earlier this year, Iran also established a Bitcoin-backed insurance service for its shipping companies.
Recent reports from the Financial Times have revealed that Iran is increasingly utilizing Bitcoin to settle cross-border transactions via domestic crypto exchanges, following advice from the central bank for citizens to take necessary measures to support the economy.
U.S. President Donald Trump has reignited his “maximum pressure” campaign shortly after returning to office. In February 2025, a national security memorandum was signed, positioning the Treasury for a sustained offensive against Iran’s shadow banking, money laundering, and sanctions-evasion networks.
Thank you for visiting our site. You can get the latest Information and Editorials on our site regarding bitcoins.
