According to CoinMeta, the U.S. Senate launched an investigation into Tether ( USDT ) related to Iran and found that 84% of 846 encrypted wallets targeted by sanctions or seizures involving Iranian and regional groups almost exclusively used USDT. A preliminary report released on September 28 by the Democratic minority staff of the Senate Select Committee on Intelligence stated that USDT was described as an "important financial lifeline" within Iran's shadow banking network, and called for federal authorities to review the sanctions and anti-money laundering control measures for Tether. The report indicated that Iran relies heavily on Tether's USDT to circumvent U.S. sanctions. Tether disputed the description of its compliance record in the report, and its CEO, Paolo Ardoino, stated that USDT "is not a haven for sanction violators, terrorist organizations, or criminal networks."