Representatives from Coinbase and Circle attended a U.S. Congressional hearing on February 15 to address issues related to Tether.
First, Caroline Hill, Circle's senior director of global policy and regulatory strategy, mentioned terrorist financing activities and made a direct reference to #Tether. It's worth noting that prior to joining Circle, Caroline Hill worked at the U. S. Department of the Treasury as the Director of the Terrorist Financing and Financial Crimes (TFFC) Division.
In a video published by Pledditor on X's website, Hill urges the Treasury Department to "use its authority" to target companies that have "contacts with the United States.
I personally believe that no company should be allowed to use the US dollar without democratic values within that company and on coins backed by a stable US dollar. (We hope they (Treasury) will seriously consider this issue in light of Tether's reputation and the evidence they have that they are facilitating terrorist financing and other activities.
In addition, Grant Rabenn, Coinbase's legal director of financial crimes, noted that the exchange is complying with OFAC by conducting "proactive investigations. " Rabenn then noted that Coinbase's competitors are havens for "criminals looking for offshore platforms. " He mentioned that they are.
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