May 19, 2024
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Ripple’s CEO pointed to signs of an attack by US authorities on Tether

The US government is closely monitoring Tether’s activities, and potential regulatory actions could have significant implications for the industry. This was announced by Ripple CEO Brad Garlinghouse. “The US government is going after Tether. It is obvious to me. I see USDT as a very important part of the ecosystem and I don’t know what impact it will have on the rest of it,” said the top manager. In response to Garlinghouse’s statement, Tether emphasized its efforts to comply with the law. […]”, — write: businessua.com.ua

Ripple's CEO pointed to signs of an attack by US authorities on Tether - INFBusiness

The US government is closely monitoring Tether’s activities, and potential regulatory actions could have significant implications for the industry. This was announced by Ripple CEO Brad Garlinghouse.

“Government The US is going after Tether. It is obvious to me. I see USDT as a very important part of the ecosystem and I don’t know what impact it will have on the rest of it,” said the top manager.

In response to Garlinghouse’s statement, Tether emphasized its efforts to comply with the law.

“Tether cooperates directly with law enforcement agencies, while other ‘stable coins’, while claiming to be ‘highly compliant’, seek a court order, allowing hackers, fraudsters and criminals to move funds for a long time,” the top manager wrote.

The CEO of the company Paolo Ardoino called the reasoning of the head of Ripple “hypocritical”, indicating that the company headed by him is under investigation SEC and is trying to launch a competing stablecoin.

In May, Deutsche Bank expressed concern about the dominant position of the leading stablecoin. In their opinion, the adequacy of Tether security is questionable.

Before that, JPMorgan stated that Tether’s growing market share carries risks for the segment and the cryptoecosystem in general.

Experts recalled the consideration by the US Congress of the Act on the transparency of payments in “stable coins” and the construction of a regulatory field for stablecoins in other jurisdictions. In particular, a partial implementation of MiCA is expected on the territory of the EU in June.

Earlier, Tether expressed its disappointment with the UN assessment of the use of USDT in illicit activities and the ignoring of the asset’s role in developing economies.

On April 28, US Senators Elizabeth Warren and Roger Marshall sent a letter to the Treasury Department, the Defense Department, and the White House, expressing concern about the use of cryptocurrencies, including Tether, to circumvent sanctions.

Later, the USDT issuer and Chainalysis entered into a partnership under which they will create a system for tracking activity on the secondary market.

We will remind you that in December 2023, the company confirmed the course of cooperation with the authorities and law enforcement officers around the world.

In the same month, the firm began to freeze wallets associated with SDN Office of Foreign Assets Control of the US Treasury. The company also indicated its assistance to authorities such as the Ministry of Justice, the Secret Service and the FBI.

The source

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