US Treasury Secretary Scott Bessent on Friday (local time) said that the United States has seized roughly USD 1 billion in Iranian cryptocurrency assets as part of Washington's economic pressure campaign against Tehran.
Speaking on Fox Business' "Kudlow" during the Reagan National Economic Forum, Bessent emphasised the administration's sanctions and asset seizure efforts under "Operation Economic Fury" as having pushed Iran into a severe financial crisis.
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"We have seized about a billion dollars of their crypto. Just outright grabbed the wallets," Bessent said.
Bessent argued that the combination of recent military actions and economic measures had significantly weakened Iran's financial position.
"I think between five and a half-six weeks of an incredibly successful military campaign and then Operation Economic Fury, where we have really cut them off... they are at the end of their tether now financially," he said.
The Treasury secretary claimed that large numbers of Iranian security personnel were not receiving salaries and that inflation had surged dramatically. He also alleged that Iranian authorities had resorted to distributing food vouchers and restricting internet access amid mounting economic pressures.
According to Bessent, Operation Economic Fury, launched in March 2025, has targeted Iran's financial networks through asset seizures, bank account freezes, and international cooperation aimed at cutting off Tehran's access to funds.
"We are working with our allies all over Europe to grab villas and houses and properties," Bessent said. "And this is money that's stolen from the Iranian people."
He further alleged that Iranian leaders had been diverting between USD 400 million and USD 500 million per month before US intervention disrupted those revenue streams.
Addressing ongoing US-Iran negotiations, Bessent said Washington is now dealing with a different leadership structure following recent military actions.
"We did not have regime change, but we changed the regime," he said. "The first level leaders were decapitated, the second level decapitated. So, we're dealing with the third level."
Bessent said that the Iranian political system is divided between the country's clerical establishment and the Islamic Revolutionary Guard Corps (IRGC), saying negotiations require engagement with both factions.
"And it's very tough because, on one side, we have a theocracy with the clerics. On the other side, we have a thug autocracy with the IRGC. And you've got to convince both sides," he added.
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He also argued that Iran's attacks on countries in the Persian Gulf had backfired by prompting Gulf states to cooperate more closely with Washington on financial enforcement measures.
"They made my job so much easier because before, many of our great GCC Gulf allies were a little less than transparent about their banking system," Bessent said.
According to Bessent, Gulf Cooperation Council states became more willing to share information regarding Iranian-linked oil and financial activities following the attacks.
