around 70 percent of crypto volume is in tethers. Remove this ponzi and then we can see what BTC real price is.
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around 70 percent of crypto volume is in tethers. Remove this ponzi and then we can see what BTC real price is.
You may get your wish. US Treasury, Fed Chairman and SEC are all making negative comments about Tether and stablecoins, and even the ECB
There's a certain irony as they print Trillions upon trillions upon trillions debasing everyone's wealth and savings in fiat
totally agree with you on what these bastards are doing is awefull. But it is done with the might and gdp backing of those countries.
Tethers as we all now know is a complete fraud. They went from 1 USDT = 1USD claim, to revealing that they only have 3 measly % of cash backing over 60 billion of tethers printed. The rest are some shady commercial papers. And this shit represent around 70% of daily volume.
my biggest mistake was to not believe how far and long this fraud would go on.
too much thinking not good sometimes
And Tether blocks Freedom of Information Law requests to keep the truth hidden.
https://www.coindesk.com/policy/202...ck-nyag-from-releasing-documents-to-coindesk/
Tether Asks Court to Block NYAG From Releasing Documents to CoinDesk
Our Freedom of Information Law (FOIL) request asked for the release of any documents attesting to Tether’s reserve composition.
By Lawrence Lewitinn, Nikhilesh De
Aug 31, 2021 at 10:40 a.m. CDT
Updated Aug 31, 2021 at 12:51 p.m. CDT
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New York State Attorney General Letitia James (Getty Images)
The parent company of stablecoin issuer Tether and crypto exchange Bitfinex has petitioned the New York Supreme Court to block CoinDesk and other organizations from receiving documents detailing the composition of Tether’s reserves over the past few years.
The petition was filed on Tuesday by Tether and Bitfinex’s attorney, Charles Michael of Steptoe & Johnson, against the State of New York, Attorney General Letitia James and Freedom of Information Law Appeals Officer Kathryn Sheingold, in response to a Freedom of Information Law (FOIL) request filed by CoinDesk.
To help bolster its claim that releasing such information would hurt its business, attached to the petition were several dozen articles as exhibits, including a few from CoinDesk itself.
“Competition is fierce, with upstart exchanges constantly entering the market and challenging the incumbent,” the petition said. “Bitfinex and Tether differentiate themselves from their competitors using at least three secret and competitively sensitive types of data that are at issue in this proceeding: (1) financial strategies, (2) compliance measures and documentation and (3) customer data.”
Thus, letting the New York Attorney General release such information “would tilt the competing playing field against Tether. CoinDesk, the online publication seeking the records in this case, has itself summarized what competing stablecoins have disclosed, and none are at the level of detail in the requested documents.”
Also noted in the petition is the difficulty cryptocurrency businesses such as Tether and Bitfinex have had in finding banks that would work with them, and the ways Tether and Bitfinex have tried to overcome such roadblocks. “Bitfinex and Tether have spent years cultivating non-public relationships with financial institutions around the globe that are capable of processing a high volume of high value transactions efficiently,” according to the filing.
Tether settled an investigation by the NYAG into its finances for an $18.5 million fine earlier this year.
The full FOIL request by CoinDesk asked for the release of any documents attesting to Tether’s reserve composition, similar to what the company published earlier this year.
It said, in part, that CoinDesk was:
Filing a FOIL request for a copy of the asset reserve composition details backing the stablecoin tether ($USDT) for Tether Operations Limited. These details should have been provided to the OAG as part of the investigation into iFinex which was settled earlier this year. I’m specifically only looking for information about what is backing Tether’s reserves, including the document Tether claims to have sent OAG in May 2021. I do not currently need any other documents about the investigation or about the OAG’s ongoing monitoring of Tether’s reserves over the next two years.
Attorneys for Tether asked the NYAG’s FOIL officer not to release these documents, and the FOIL officer initially agreed to this request, denying the application. CoinDesk appealed the decision, and Sheingold, the appeals officer, reversed the FOIL officer’s decision. Tether had until Wednesday, Sept. 1, to petition the court to stop the release of the documents.
Tether General Counsel Stuart Hoegner has said in the past that the company would publish its reserves as well as submit documentation about the reserves to the NYAG’s office.
“Tether proposed ongoing publication of the reserve breakdown as part of our settlement agreement with the New York Attorney General’s Office, and we committed to make that information available to both the Attorney General’s office and the public,” Hoegner said in May.
Lance Koonce of Klaris Law, who represents CoinDesk in this matter, said of Tuesday’s filing, “We were disappointed, but not surprised, to see that Tether has filed a proceeding to block the release of documents sought pursuant to CoinDesk’s Freedom of Information Law request, after the Office of the Attorney General agreed with CoinDesk on release of those documents. We look forward to seeing the OAG’s decision vindicated in court.”
A Tether spokesperson said:
Today, we have filed an Article 78 proceeding to prevent the release of certain materials we provided to the New York Attorney General’s Office as part of our reporting commitments under the settlement agreement signed earlier this year. This information was provided at our suggestion and in good faith to demonstrate to the Attorney General’s Office that the information they relied on to agree to the resolution remains consistent.
As outlined in our filings, disclosure of this information beyond the Attorney General’s Office will harm Tether’s competitive position in the marketplace and unnecessarily and unduly invade the privacy of third parties. The original Records Access Officer in the Attorney General’s Office agreed with us.
We understand our evolving industry creates a desire for transparency and understanding of how stablecoins work. Tether continues to lead the industry in providing information about its reserves to give clarity and transparency into our operations. Tether is also in the process of obtaining audited financial statements and hopes to produce these within the coming months.
However, Tether is a private business. As all private companies do, we maintain certain proprietary details about our operations to continue our competitive advantage as a leader in the industry. In any other industry, this type of proprietary, competitively sensitive information would be clearly and strongly protected, and the same should be true for us and for any other company in the crypto ecosystem. Therefore, we vigorously oppose the notion that proprietary information of our company, or any company in our community, should be made public simply to satisfy Internet trolls or other detractors.
Our customers continue to place their trust and confidence in Tether, as exhibited through our growth. In doing so, they are telling us and the market that our disclosures are sufficient to make well-informed decisions.
Finally, contrary to the wild and false speculation of online trolls, Tether and Bitfinex have provided the New York Attorney General’s Office with complete and timely quarterly reports under the settlement agreement.
We look forward to a judicial determination of this matter by the New York Supreme Court.
As of Tuesday, Tether’s market capitalization based on the total amount of USDT in circulation amounted to $65.5 billion. USDT usually trades at $1, and is theoretically redeemable 1-for-1 from Tether.
??? it was never illegal, and you can trade it/own it. Just some tokens prohibited in some states. New York is being one of such states, they banned Tether. Also, I think XRP is banned across US by SEC, though not sure if this is still the case.
Maybe one day they will regulate it all, kill theter and switch it with digital central bank issued currencies. Keep taxing it it as most countries are already doing and let it be.
This might cause some massive swings, but will it affect crypto existence or its value forever?
I wouldn't bet on it. The adaptation is there and soon nations might not want to give up on tax revenues if they become substantial.
This is a very interesting point that I think mirrors the conventional economy quite well. What is the value of money? Nobody really knows because interest rates are essentially zero. That means the prices of everything are in a bubble. This is anything from real estate to tesla shares. If interest rates were at 5%, or heck, even 3%, the value of so many assets would plummet. Likewise, if you remove tether from the equation, who knows what the value of BTC is? It would certainly be better for BTC if the buying was organic, through an exchange of hard earned dollars for BTC. Then perhaps BTC also wouldn't crash so hard when it does. I'm eager to see how it all ends.
"Legalize" was a poor choice of words on my part. Regulate and/or adopt is what I meant.