According to CoinMeta, the U.S. Treasury Department announced new sanctions against Iran, extending them to five key sectors including cryptocurrency, gold, technology, aviation, and shipping. Nearly 60 individuals, companies, and vessels related to Iran are now subject to these new sanctions. The new regulations grant the U.S. Treasury Department greater authority to target cryptocurrency activities associated with Iran. The Treasury Department stated that Iran is using cryptocurrencies to transfer funds, circumvent banking restrictions, and support military procurement activities related to the Islamic Revolutionary Guard of Iran (IRGC). IRGC is estimated to account for about 50% of Iran's cryptocurrency activities. These sanctions also include further actions against companies and individuals related to Iran, involving multiple countries such as the United Arab Emirates, China, Hong Kong, Singapore, and Europe. Treasury Secretary Scott Bosworth warned that companies that assist Iran in transferring illegal funds may have their connections to the U.S. financial system severed.