US widens Iran crypto sanctions as dollar threat revives Bitcoin and gold debate

The United States is threatening to eject Iran’s trading partners from the dollar system while widening its power to sanction the country’s crypto sector, escalating a financial campaign that is already testing Washington’s leverage over China.

On Aug. 24, Treasury Secretary Scott Bessent 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.

Treasury said the campaign would expand secondary sanctions exposure for foreign businesses that continue dealing with Tehran. He 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, including those in third countries. Today, in that same spirit, we are launching an economic onslaught against Iran’s financial connections around the globe. Our objective is to sever every economic lifeline that sustains this tyrannical regime until Tehran stands alone.”

Bessent made the enforcement threat explicit, saying entities facilitating Iranian money laundering would be “removed from the US dollar system.”