On July 29, the U.S. Treasury Department announced sanctions against two Iranian maritime firms, Persian Gulf Marine Insurance and HormuzSafe. These companies reportedly utilized Bitcoin and other cryptocurrencies to evade existing sanctions. The Treasury's statement indicated that the firms contributed to the financial resources of the Islamic Revolutionary Guard Corps and aided Iran in managing shipping activities in the strategically vital Strait of Hormuz. In conjunction with the sanctions on these companies, eight vessels and an equal number of entities associated with Iran's "shadow fleet" were also targeted.