U.S. Treasury Secretary Scott Bessent announced Thursday that the United States will seize $1 billion in cryptocurrency from Iran this week, marking an escalation in sanctions enforcement against Tehran’s financial networks.
Speaking at Newsmax’s NPolicy Summit in Washington, D.C., Bessent said: “We’re probably going to seize $1 billion of crypto this week. We know where it is. We are isolating them. We did have a maximum pressure campaign, now we have an absolute isolation campaign and it’s working.”
Bessent did not specify which cryptocurrencies would be seized or the technical mechanism for the seizure. The announcement comes as Iran has increasingly relied on digital assets to evade U.S. sanctions, using bitcoin and other cryptocurrencies to settle cross-border transactions and circumvent traditional financial restrictions.
Escalating Pressure Campaign
The seizure announcement reflects an intensified U.S. approach to Iran’s financial activities. President Donald Trump revived his “maximum pressure” campaign weeks after returning to office. A national security memorandum signed in February 2025 placed the Treasury on a sustained campaign against Iran’s shadow banking, money laundering, and sanctions-evasion networks.
The U.S. began targeting crypto wallets linked to the Iranian regime in April 2026. Bessent emphasized the novelty of the enforcement approach, stating: “What we have done has never been seen before.”
Iran’s Cryptocurrency Activity
Iran has expanded its use of digital assets to bypass sanctions. Earlier in 2026, Iran started a bitcoin-backed insurance service for shipping companies. Last month, the Financial Times reported Iran using bitcoin to settle cross-border transactions, underscoring the country’s reliance on cryptocurrencies as an alternative to frozen conventional banking channels.
Bessent previously indicated the Treasury had seized Iran’s crypto holdings in the form of stablecoins. While bitcoin is censorship-resistant and cannot be frozen on its blockchain, other cryptocurrencies including USDT can be seized if held on centralized platforms or through intermediaries subject to U.S. jurisdiction.
Seizure Mechanics Unclear
Bessent did not provide details on how the U.S. plans to execute the seizure or confirm whether the $1 billion in assets has already been secured. The statement did not address technical mechanisms or specify the cryptocurrencies targeted, leaving questions about the feasibility and scope of the announced action.
