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The US government is apparently targeting Tether, according to Ripple's director

source-logo  cryptodnes.bg 13 May 2024 08:44, UTC

Brad Garlinghouse, CEO of Ripple, has expressed his belief that the United States government has targeted stablecoin issuer Tether, which could potentially have unpredictable consequences for the crypto markets.

Garlinghouse pointed out that there is likely to be another crypto-related event of the type “black Swan', similar to the collapse and subsequent revelation of fraud involving FTX management.

Toy guessed, that the US government's control over Tether is obvious, implying that any regulatory action against Tether will necessarily represent the next “black Swan".

Garlinghouse emphasized the importance of Tether in the crypto ecosystem and expressed uncertainty about the potential impact of regulatory action against Tether on the broader crypto market. It is important to mention that Ripple itself plans to launch its stablecoin in 2024

Despite the challenges Tether faces, Ripple remains optimistic about the prospects of launching its own stablecoin later in 2024. According to Ripple's Chief Technology Officer David Schwartz, this coin is designed to be backed by dollar deposits, short-term government bonds and other cash equivalents.