U.S.-based stablecoin company Tether said that it has assisted the Department of Justice in a critical seizure of $225 million worth of funds linked to a major pig butchering scam, as per a company press release. Tether has been known to repeatedly freeze USDT linked to illegal activity. So far, the stablecoin company has frozen over $2.7 billion USDT through collaborating with over 255 law enforcement agencies in 55 countries.
Prior to this, Tether assisted the U.S. Secret Service in tracking down the crypto exchange Garantex by freezing $23 million in USDT.
“Tether’s work with the Department of Justice underscores our commitment to transparency, proactive engagement with law enforcement, and the protection of users across the digital asset ecosystem,” said Tether’s CEO, Paolo Ardoino.
More support for stablecoins with the GENIUS Act
The Trump administration continues to ramp up support for cryptocurrency, specifically stablecoins, through the GENIUS Act, a framework that provides regulations for companies such as Tether, Circle, and other stablecoin companies.
The GENIUS Act successfully assed through the Senate with a final vote of 68-30 and now moves to the U.S. House of Representatives for deliberation and a full floor vote. Quite a few members of the U.S. government have opposed the bill, including Senator Josh Hawley and Senator Elizabeth Warren, citing concerns about possible corruption and U.S. President Donald Trump’s investments in cryptocurrency.