The Treasury has spent months considering sanctions against cryptocurrency Tether for allegedly facilitating illicit activities, raising potential conflicts for Howard Lutnick, a key Trump transition figure.
Deputy Treasury Secretary Wally Adeyemo noted in April that the United States has observed Russia using alternative payment mechanisms, including Tether, to evade sanctions and fund its military.
According to sources, Tether has been implicated in transactions connected to Mexican drug cartels, highlighting the ongoing concerns about its role in illicit finance.
An advisory from the Financial Crimes Enforcement Network stated that transnational criminal organizations are using cryptocurrencies like Tether to purchase equipment and chemicals from China.
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