⚡ Will Tether Survive U.S. Pressure? Paolo Ardoino Speaks Out
posted 29 Oct 2024
On October 25, the Wall Street Journal reported that U.S. authorities have launched an investigation into Tether, the leading issuer of stablecoin USDT. In response, Tether’s CEO Paolo Ardoino issued several remarks.
On October 25, the Wall Street Journal reported that U.S. authorities have launched an investigation into Tether, the leading issuer of stablecoin USDT. In response, Tether’s CEO Paolo Ardoino issued several remarks.
Speaking with CoinDesk, Ardoino affirmed that Tether adheres to international sanctions and actively cooperates with law enforcement.
Ardoino also made a striking statement directed at U.S. authorities, noting that Tether ultimately operates within their jurisdiction. Whether this was a pledge of transparency or a serious caution for investors remains to be seen.
If the U.S. wanted to kill us, they can press a button and kill us anywhereArdoino stated.
Previously, the Wall Street Journal reported that the Department of Justice (DOJ) began a criminal investigation into Tether, referencing potential violations of sanctions and anti-money laundering regulations.
Spreading negative news about Tether could have broader repercussions for the crypto market. The company is a major player in the industry, with its stablecoin USDT ranking third among the most valuable crypto assets globally, with a market cap of over $120 billion.
USDT: 3rd Largest Asset by Market Cap. Source: dropstab.com
Ardoino also added that Tether cannot ignore U.S. influence. He highlighted that regardless of where its supporting Treasury bills are held, they ultimately fall under the Federal Reserve’s oversight.
Additionally, Ardoino stated that Tether actively works to curb illicit activity and retrieve funds subject to U.S. sanctions. The company possesses technical capabilities to block blacklisted wallets and can reissue any necessary token amounts impacted by legal action.
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