U.S. Treasury says it seized about $1B in Iranian crypto, raising custody questions

U.S. Treasury Secretary Scott Bessent said at the Reagan National Economic Forum that the Treasury has seized about $1B in Iranian crypto by "grabb[ing] the wallets." He also referenced an April action in which $344M in Iranian crypto was seized after cooperation with Tether. The remarks reignited debate over whether Bitcoin and other crypto assets can function as a non-sovereign hedge against state enforcement.