Bessent announces Operation Economic Fury milestone at Reagan National Economic Forum
US Treasury Secretary Scott Bessent announced on May 29, 2026, that the United States has seized $1 billion in cryptocurrency assets tied to the Iranian government, marking a significant escalation in Operation Economic Fury, a sanctions campaign targeting Iran’s financing networks.
Bessent disclosed the figure at the Reagan National Economic Forum. The announcement follows an earlier disclosure in May in which Bessent revealed $500 million in Iranian crypto seizures, indicating the total confiscated amount has more than doubled within weeks.
Operation Economic Fury, launched in April 2026, targets Iran’s illegal oil smuggling networks, shadow financing, and regional maritime extortion around the Strait of Hormuz. European allies have assisted by seizing villas and properties believed to be funded by money stolen from the Iranian people.
Bessent characterized the financial pressure on Iran as acute. “I think between five and a half to six weeks of an incredibly successful military campaign, and then Operation Economic Fury, where we have really cut them off. And they are at the end of their tether now financially,” Bessent said. “I think 40 or 50% of the [Iranian] troops aren’t getting paid. Police aren’t reporting to the station. Inflation is probably over 200%. They’re having to give out food vouchers. They have turned off the internet.”
According to Bessent, the Iranian regime allegedly steals $400 million to $500 million monthly, shared among leaders. The Treasury Secretary’s remarks underscore the administration’s view that financial isolation is forcing concessions from Tehran.
The seized crypto assets remain a contentious element in ceasefire negotiations between the United States and Iran. The two countries have drafted a framework to extend the ceasefire by 60 days, pending approval from President Donald Trump. Unfreezing seized Iranian funds, including cryptocurrency holdings, represents a major point of contention in talks.
Bessent previously hinted at using seized crypto to build a strategic reserve rather than selling the assets, suggesting the administration may retain the confiscated holdings as leverage in ongoing negotiations or as a long-term asset position.
Trump met with his national security team on Friday to discuss the ceasefire extension framework. Reports indicate the meeting ended without a final decision on a new deal, despite Trump’s claim of a “final determination” on Iran policy.
Broader sanctions context
The $1 billion seizure represents the largest disclosed crypto confiscation from Iran to date under the current administration’s sanctions regime. The operation reflects a shift toward using digital asset freezes and seizures as primary tools in economic warfare, complementing traditional sanctions on oil exports and financial institutions.
Bessent’s public disclosure of the seizure amount and Iran’s financial distress suggests the Treasury Department views the information as both a negotiating signal and a domestic political statement on the administration’s Iran strategy.
