Coinbase and Circle Leaders Demand Stronger U.S. Action Against Tether

Executives from Coinbase and Circle have urged U.S. regulators to take more decisive action against Tether and other offshore cryptocurrency companies that do not adhere to regulatory standards.



In a meeting with the House Financial Services Committee, Coinbase's lead for Financial Crimes Legal, Grant Rabenn, highlighted the exploitation of foreign crypto platforms by criminals to circumvent the stringent anti-money laundering (AML) regulations enforced on U.S.-based exchanges.



Rabenn pointed out that while the Office of Foreign Assets Control (OFAC) has sanctioned a mere 560 cryptocurrency addresses, Coinbase's investigations have identified over eight million addresses associated with nefarious activities. He attributed the facilitation of crypto-related crimes and money laundering in the U.S. to offshore exchanges and called


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