Treasury Secretary Scott Bessent disclosed that the US and Iran could be nearing a tentative agreement, one that would carry significant implications for both global energy markets and the crypto industry. The potential deal hinges on Iran meeting several conditions, including reopening the Strait of Hormuz and surrendering its stockpile of highly enriched uranium.
Bessent also revealed that the US has seized approximately $1 billion in Iranian-linked crypto assets as part of what the administration is calling “Operation Economic Fury.”
What’s on the table
The framework being discussed between negotiators centers on a 60-day memorandum of understanding. The MOU would extend an existing ceasefire while creating space for deeper nuclear discussions. A potential signing date of June 13-14, 2026, is currently under consideration.
The conditions Bessent outlined on May 28 are substantial. Iran would need to reopen the Strait of Hormuz, a chokepoint that handles roughly 20% of all global oil and gas transportation. Beyond the strait, the US is demanding that Iran surrender its highly enriched uranium and commit to abandoning any nuclear weapons program.
