US Widens Iran Crypto Sanctions, Threatens Dollar Access for Trading Partners
US Treasury Secretary Scott Bessent has launched 'Operation Economic Outcast,' imposing sanctions on nearly 60 individuals, entities, and vessels, and opening five Iranian sectors to broader sanctions: digital assets, technology, gold, aviation, and shipping.
The move is part of a financial campaign aimed at testing Washington's leverage over China. The US is threatening to eject Iran's trading partners from the dollar system while widening its power to sanction the country's crypto sector.
Treasury said the campaign would expand secondary sanctions exposure for foreign businesses that continue dealing with Tehran. Bessent stated, 'In the Second World War, D-Day marked the historic beginning of a campaign with our allies to target and drive the enemy from its positions... Today, in that same spirit, we are launching an economic onslaught against Iran's financial connections around the globe.'
The push comes as Bitcoin crossed $80,000 on Tuesday and gold reached a three-month high, sharpening a debate over whether repeated use of dollar access as a geopolitical weapon could accelerate demand for assets outside the traditional financial system.