Yesterday, US Secretary of the Treasury Scott Bessent issued a statement declaring, “We are now entering the endgame,” when it comes to the war with Iran.
Bessent promised to launch the greatest financial offensive ever targeting another nation while stating the Trump administration had destroyed Iran’s military capabilities while “burying” its nuclear program.
The war against Iran, a regime that is seeking a nuclear weapon and supporting proxy terror groups in the region, has endured for almost 6 months. While leadership has changed, the Iranian regime has endured while frequently testing the resolve of the US, targeting transit in the Strait of Hormuz.
Bessent stated:
“The President has created the conditions to leverage every agency, every authority and action many assumed we would never summon. Our objective is to sever every economic lifeline that sustains the tyrannical regime until Tehran stands alone.”
While the conflict continues, the Administration fears that high oil prices, persistent inflation, and no end to the fighting may impact the midterm elections, with control of Congress in the balance.
In an Op-Ed on FT.com, Bessent continued to explain that the Administration was commencing an “Economic D-Day”.
Sanctions will increase, including secondary actions on countries or entities that aid Iran, including banks and other financial services firms. Treasury will now look to shut down loopholes and evasion tactics Iran has been leveraging, including the selling of oil to China.
Crypto has also been part of the equation, and federal authorities have sought to halt platforms and crypto exchanges enabling value transfer using digital assets.
In June 2026, the Treasury’s Office of Foreign Assets Control (OFAC) designated four major Iran-based platforms, including Nobitex, Wallex, Bitpin, and Ramzinex. Nobitex is Iran’s largest crypto exchange. Ramzinex reportedly funneled $2.45 billion, including to the Islamic Revolutionary Guard Corps.
OFAC has also targeted other offshore platforms like Zedcex and Zedxion (UK-registered) and Shelbit Exchange (based in Dubai). CoinEx, based in the Seychelles, has been identified as working with the Iranian regime, but no sanctions have yet been applied.
Yet Iran has shown its ability to dodge the reach of US financial controls, raising questions about why existing sanctions haven’t already had the desired impact.
While much of the Iranian population would like to see the current authoritarian leadership removed, they have few options beyond public protests. There is no armed resistance in the country. All of this creates a policy conundrum: the US wants a nuclear-free Iran and would like to see a change in the regime, but so far these goals have been difficult to ensure.