Secretary of the Treasury Scott Bessent recently announced that the United States government has taken possession of almost USD 500 million in Iranian crypto under the purpose of “Operation Economic Fury,” a program that was started by President Trump in March 2025. This operation is intended to sever financial ties to Tehran through asset seizures, freezing bank accounts, and implementing secondary sanctions against oil purchasers, which has helped create what Bessent described as a “currency crisis” with the Iranian rial devalued by over 60 percent against the U.S. dollar.
Methods of the Operation Economic Fury
There are multiple aspects to the initiative regarding Operation Economic Fury. When it comes to confiscating Iranian crypto, roughly USD 500 million in digital assets has been seized and placed in safekeeping “for the Iranian People’s benefit” until Iran restores a civilian government, the Secretary stated. In addition, the Initiative includes freezing the global assets of banks that accept Iranian crypto transactions via multiple payment networks.
The international freeze of these bank accounts is happening in parallel with the tracking and seizing of Iranian-owned property outside of Iran, including expensive real estate in places like the South of France. Moreover, an additional type of sanction against those who purchase Iranian oil. That is to say, the U.S. has warned purchasers that if they have Iranian oil in their supply chain or have just sold their oil to a secondary buyer, then they will be subject to the imposition of secondary sanctions on their industry and/or institutions.
Regarding enforcing these restrictions, the U.S. Navy is effectively blockading the Kharg Island oil port, a major Iranian oil export facility and key export terminal, leaving Iranian storage soon to be full and forcing potential well capping.
How Iran is evading sanctions
Iran has been using crypto to avoid pressure from the U.S. For example, Iran has begun using digital assets to complete international transactions and to pay for third-party support (proxies), primarily in the Levant. At this time, however, it is apparent that Bessent’s announcement confirms that the U.S. is tracking and confiscating Iranian-owned digital assets and, thus, undermining their alternative financial system. Also, the closing of the Strait of Hormuz has limited, even more, the amount of oil imported by Iran; therefore, reducing its revenue source.
Future steps
According to Bessent, the U.S. will maintain these economic sanctions and continue using naval blockades while negotiations between the two parties are stalled. Both of these methods may put the Iranian military and other proxies in the region out of business and thus change the balance of power in the Middle East crisis.