U.S. Treasury via O.F.A.C. - "we've been bored so we got 5 people (who won't ID themselves because they fear retribution by your exchange, because you clearly are a tyrant) - to rat on you and we need about $300 Million because the people in the US used their stimmy to buy crypto from you and we need it back because we didn't actually think it'd take this long for the IRS and Fed rate hikes/domestic oil companies to get people to dump it right back into our coffers."
"Argo fork yourself" - Jesse Powell, CEO of Kraken
When the SEC can't extract your money you hold by civil suits to prove securitization of a token asset, or when Coinbase won't release your funds for whatever reason - the figure they'll try to get it through an executive branch cabinet member's underboss. Absolutely disgusting.
The law prevents the "export of goods or services" to people or "entities" in the country. So if someone used Krakens API and a VPN to buy or trade on the exchange and custodied that Bitcoin in their wallet then Kraken is guilty of violating O.F.A.C. imposed fines? The IRS is how the treasury collects their money. They must be low on being able to fund or lend money already if they're considering acting on this to extract a fine via an archaic sub-agency of the Department of the Treasury since April 15, 2023 is far away.
"The IRS considers cryptocurrency holdings to be “property” for tax purposes, which means your virtual currency is taxed in the same way as any other assets you own, like stocks or gold."
So if users were mining their Bitcoin in Iran from China when there was cheap electricity or when China banned crypto mining and Iran was seeing the industry using their cheap electricity (because duh, cheap domestic oil available) to mine Bitcoin's then they were sending to the exchange by a relay through China or another VPN to Kraken they we're only "exporting" their API to whoever was using it to conduct transactions from Iran, but being cut off SWIFT (or allegedly threatened to be, they weren't withdrawing $ to a bank in Iran). Because this is knowledge acquired from people who won't be named that are "affiliated" with the company I'm assuming that means a fence (a VPN, another exchange in another country that flips the routing between Iranian "entity/person" in Iran and Kraken. In any case, this is bs. The US didn't mind taking a bond payment from Russia after sanctions the first time when Russia found a way to make the money arrive at the pre-sanctioned bank account set up to receive payments in the US in US Dollars. If they're gonna let Russia pay them and then force them to default by having other countries close doors or fear retribution and not admit they are unable to cooperate with helping Russia pay it's default off in USD as they did when it came time for payment #2, then they need not be hypocritical to Kraken.
Hopefully this is just noise. I don't think people in government are that stupid/nor think we are this dumb not to rationalize the two situations based on what we know. I think reporters just lie to us to hint how the flow of money happens between crypto and how the regulators can reveal what they are capable of doing and not doing. If it gets to court too, then it's codified whatever happens and whatever fine imposed gives the amount exchanged a value and Bitcoin legally acquires a codified document from a U.S. Court that says they are worth a certain minimal value of fiat (via the fine or proceedings). One of the first times this happened was when the FBI seized Ross Ulbricht's laptop and accessed 30,000 BTC but had no authority to sell it in 2014. So they handed it to the U.S. Marshall's and held that infamous auction that Tim Draper basically seed funded a value into the network by giving the US Government a document to report how much each BTC unit bought was worth based on what Draper won the auction for. In a way, fake accounting can give dollar value to BTC in the eyes of the law, which is probably why these things keep happening.
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