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Tether CEO Responds to Ripple's Caution on Government Scrutiny

source-logo  thenewscrypto.com 13 May 2024 09:37, UTC
  • Tether CEO emphasizes compliance amidst Ripple CEO’s government scrutiny concerns.
  • Further emphasizes global reach, robust compliance, and law enforcement collaboration.

In a recent exchange between cryptocurrency industry leaders, the Tether CEO replied for comments made by the Ripple CEO, shedding light on the stability and compliance measures of the stablecoin amidst speculation of government scrutiny.

Brad Garlinghouse, CEO of Ripple, had suggested a potential investigation by US authorities into Tether, expressing concerns about its impact on the broader cryptocurrency ecosystem. In response, Tether’s CEO emphasized the company’s unwavering commitment to compliance and safety.

Tether, known for its stablecoin tethered to the value of the US dollar, plays a pivotal role in the cryptocurrency market, particularly in emerging and underbanked regions. The CEO highlighted it’s extensive global reach, with millions of users relying on the stablecoin for daily financial transactions.

An uniformed CEO, leading a company being investigated by the SEC, launching a competitive stablecoin (cui prodest), is being reported spreading fear about USDt.

Let me give you an update on Tether USDt ecosystem safety.

USDt is the most used stablecoin in the world, with…

— Paolo Ardoino 🍐 (@paoloardoino) May 13, 2024

Tether’s Defense

Central to its defense is its robust compliance framework, which includes adherence to the Office of Foreign Assets Control (OFAC) and Specially Designated Nationals (SDN) lists. The company boasts a highly trained internal investigation team and collaborates with law enforcement agencies worldwide to combat illicit activities such as scams and terrorism financing.

Key statistics revealed by the Tether CEO underscore the extent of their compliance efforts. Tether has blocked over $1.3 billion in suspicious transactions since its inception, with a significant portion attributed to thwarting scams, hacks, and money laundering attempts. Notably, the company has cooperated with US law enforcement on numerous occasions, blocking millions of dollars in collaboration with agencies such as the FBI and Secret Service.

Amidst the discourse, Tether tries to assert its role as a pioneer in fostering a safe and transparent financial ecosystem built on blockchain technology.