As a crypto investor with a few years of experience under my belt, I’m keeping a close eye on the ongoing regulatory scrutiny of Tether, the largest stablecoin issuer. Brad Garlinghouse, the CEO of Ripple and a respected figure in the industry, has raised valid concerns about the potential impact of U.S. government actions against Tether.
Brad Garlinghouse, the CEO of Ripple, voiced worry over the intense examination of Tether, the largest stablecoin provider in terms of market value, by the US government.
In a recent interview, Garlinghouse expressed his views on achieving success, valuable insights gained from the Silicon Valley experience, and the global influence of Ripple and its XRP.
Garlinghouse Highlights Tether’s Regulatory Concerns
In a recent interview on the World Class YouTube channel, Garlinghouse warned that another shocking incident related to cryptocurrencies, akin to the FTX collapse and the revelation of executive deceit, could occur.
Subsequently, Garlinghouse implied that the U.S. authorities are targeting Tether, the leading stablecoin provider. Although Garlinghouse didn’t explicitly call any possible U.S. measures against Tether the next financial surprise, he characterized it as a “noteworthy development to observe.”
As a researcher exploring the significance of Tether within the crypto ecosystem, I cannot help but express my apprehension over the possible consequences of any regulatory actions taken by the U.S. authorities against the company.
With regard to the Securities and Exchange Commission (SEC), Garlinghouse expressed his disapproval of the agency’s approaches, labeling it as a “forceful regulator” that focuses on intimidating weaker players in the cryptocurrency sector through allegedly harmful and deceptive practices. It is worth mentioning that Ripple has achieved some successes in its legal battle against the SEC, which was initiated last July.
Despite the efforts of regulatory agencies, he remains assured that the crypto industry will hold its ground. Simultaneously, he reaffirmed his conviction that the value of the crypto market could surge up to $5 trillion by the year’s end. He urged investors to adopt a patient approach and avoid impulsive trading in crypto.
As a crypto investor, I’ve been closely following Brad Garlinghouse’s recent remarks regarding Tether. Notably, his views align with Ripple’s upcoming plans to introduce our own stablecoin into the market by the end of this year. This strategic convergence further highlights the growing importance of stablecoins within the crypto ecosystem.
US Officials Investigation into Tether
As a crypto investor, I’ve been closely following the latest developments in the world of digital currencies and geopolitics. Recently, Adewale Adeyemo, the U.S. Treasury Deputy Secretary, shared some insightful testimony before the Senate Banking Committee. He pointed out that Russia has been increasingly turning to alternative payment solutions like Tether’s USDT in order to bypass economic sanctions.
In October 2023, U.S. Senator Cynthia Lummis and Representative French Hill called for an investigation by the Department of Justice into potential involvement of Binance and Tether in funding terrorist activities. Tether countered by affirming its partnership with law enforcement agencies and dedication to international collaboration.
As a crypto investor, I’d put it this way: In October 2021, Tether, the issuer of USDT stablecoin, was slapped with a $41 million penalty by the Commodity Futures Trading Commission (CFTC). The accusation? They allegedly misled customers about their reserve holdings. The CFTC investigation revealed that Tether had enough fiat currency to cover USDT for just 27.6% of the days between June 1, 2016, and February 25, 2019.
Tether, the stablecoin issuer, has long been under scrutiny due to opaqueness surrounding its reserve holdings. In an attempt to allay these concerns, the company has started releasing regular independent audits every quarter, revealing details about the USDT’s backing reserves.
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2024-05-13 16:21