US Treasury Secretary Says $1B of Iran Crypto to Be Seized This Week
Treasury Secretary Announces Planned Crypto Seizure
U.S. Treasury Secretary Scott Bessent said on Thursday that American authorities will seize roughly $1 billion in cryptocurrency from Iran within the week. He made the announcement at Newsmax's NPolicy Summit in Washington, D.C.
Bessent said the sanctions campaign against Iran is working. "We know where it is," he said. "We're isolating them."
He did not specify which cryptocurrency the U.S. plans to seize or exactly how the seizure will be carried out.
Key Details
- The planned seizure targets about $1 billion in Iranian-held crypto assets.
- The U.S. began targeting crypto wallets linked to the Iranian regime back in April 2026.
- Iran has been using Bitcoin and other cryptocurrencies to work around U.S. sanctions, according to Bessent.
- Iran launched a Bitcoin-backed insurance service for its shipping companies earlier this year.
- The Financial Times reported last month that Iran was using Bitcoin to settle cross-border payments through its own crypto exchanges.
What Bessent Said About the Sanctions Campaign
Bessent described the current strategy as an evolution of Trump's earlier "maximum pressure" campaign. "We did have a maximum pressure campaign, now we have an absolute isolation campaign and it's working," he said.
A national security memorandum signed by President Donald Trump in February 2025 directed the Treasury to pursue a sustained campaign against Iran's shadow banking, money laundering, and sanctions-evasion networks.
How the Seizure Could Work
Bitcoin cannot be frozen because it runs on a decentralized network that no single authority can control. However, other cryptocurrencies, such as stablecoins like Tether's USDT, can be frozen by the companies that issue and control them.
Bessent previously indicated that the U.S. had already seized Iranian crypto held in the form of a stablecoin, suggesting the coming seizure may target similar assets rather than Bitcoin itself.
What Remains Unclear
It is not clear which specific cryptocurrencies the U.S. plans to seize. Bessent also did not explain the technical method the government will use to carry out the freeze or transfer of the assets.
Why This Matters
The move represents one of the largest known targeted seizures of cryptocurrency by a government. It also signals that the U.S. is taking a more aggressive stance against the use of crypto by sanctioned countries to bypass economic restrictions.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.