The decentralized nature of cryptocurrency makes it an ideal vehicle for sanctions evasion and an increasingly vital pillar of Iran’s wartime economy. As the risk of renewed U.S.-Iran conflict rises, Tehran has moved quickly to adapt to wartime realities while attempting to limit the impact on border security, domestic stability, and the broader economy. Despite obvious constraints, the Islamic Republic has had a measure of success in maintaining control at home while circumventing U.S. pressure in the Strait of Hormuz through shadow tankers and ship-to-ship transfers to sustain oil exports. This has reignited Western debates over whether sanctions and military...