US Seizes $500 Million in Iranian Crypto Assets Under Operation Economic Fury

Treasury Secretary Scott Bessent announced that the United States seized nearly 500 million dollars in Iranian cryptocurrency assets as part of Operation Economic Fury. Fox Business reports that Bessent made this statement during an appearance on Kudlow on Wednesday, describing the campaign as sending the Iranian regime into crisis by crippling its financial lifelines through asset seizures, frozen bank accounts, and pressure on foreign governments. He noted the seizures benefit the Iranian people and combine with a naval blockade on ports in the Strait of Hormuz to inflict permanent economic damage. Bessent pledged to continue the economic pressure and blockade.

On Tuesday, Bessent announced 19 senior appointments at the Treasury Department to bolster economic policy, operations, and public affairs. ExecutiveGov lists key roles including Austin Browning as deputy chief of staff for operations, Francis Brooke performing duties of deputy secretary, and Gene Lange performing duties of under secretary for terrorism and financial intelligence. These hires from government and private sectors support initiatives in artificial intelligence, cybersecurity, and digital asset protections.

That same day, Bessent hosted a White House meeting with Chevron executives and oil traders from Trafigura, Vitol, and Mercuria, joined by Vice President JD Vance and chief of staff Susie Wiles. Politico details discussions on domestic production, Venezuela progress, oil futures, natural gas, shipping, and strategies to sustain the Iran blockade while minimizing impacts on American consumers amid rising oil prices near 107 dollars a barrel.

The Office of Foreign Assets Control under Treasury designated 35 entities and individuals on April 28 for overseeing Irans shadow banking network, facilitating tens of billions in sanctions evasion and terrorism funding, per Paul Hastings reports.

FinCEN, aligned with Bessents priorities, proposed reforms to anti-money laundering and countering the financing of terrorism programs, emphasizing risk-based effectiveness and a new supervisory framework for banks, as outlined by Greenberg Traurig.

A proposed executive order for banks to verify customer citizenship status remains in process, according to Jeelani Law, sparking concerns over access for non-citizens.

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