Sigh! Yes, lets cut off Iran from the US dollar! Make the use the new Chinese gold-backed Yuan! That will show them we are tough! We don’t WANT to be the World’s Reserve Currency any more!
There wouldn’t be a “Chinese gold-backed yuan” if not for US liberals giving Red China MFN status over and over for the past half-century.
And claiming that we have to submit to Iran’s demands in order to sustain the dollar’s status as reserve currency is a canard.