As a researcher with experience in the cryptocurrency industry, I believe that Paolo Ardoino’s response to Brad Garlinghouse’s comments about potential U.S. agency action against Tether was both assertive and informative. Ardoino effectively refuted Garlinghouse’s allegations by highlighting USDT’s compliance efforts and strong metrics, such as its price stability, liquid reserves, top-tier custodians, and collaboration with law enforcement agencies.
In response to Ripple CEO Brad Garlinghouse’s assertion that the US government is targeting Tether, the CEO of Tether, Paolo Ardoino, has countered with a rebuttal.
As a analyst, I’d rephrase that as: I, Ardoino, utilized social media platform X to quell any speculation regarding possible U.S. regulatory actions against our company and directly addressed Garlinghouse’s allegations concerning the supposed threat to USDT.
As a crypto investor, I’d put it this way: According to my perspective, Ardoino pointed out the apparent hypocrisy of Garlinghouse’s remarks. The reason being, Ripple is currently under investigation by the SEC, and simultaneously, they’re planning to launch their own competing stablecoin in the market.
In the year 2024, Ripple intends to make its entry into the stablecoin sector while engaged in an ongoing legal dispute with the Securities and Exchange Commission.
The CEO of Tether stated that USDT is the leading stablecoin in terms of market dominance, boasting a large user base numbering in the millions spread worldwide. This digital currency has significantly impacted banking customers in emerging economies, while also presenting robust performance indicators.
“USDT proved over time to have strong price stability, highly liquid reserves, top tier custodians and profound compliance.”
Ardonio highlighted several reasons why Tether, one of the most extensively used stablecoins, conforms to regulations. He mentioned that Tether has cooperated with over 124 law enforcement agencies in approximately 40 countries and has prevented the circulation of over $1.3 billion in assets linked to fraudulent activities, cyberattacks, and money laundering since its inception. Among these confiscated assets, Tether worked with US authorities to halt more than $639 million worth.
As a researcher, I’ve come across some intriguing data from Ardonio’s recent disclosure. Over the past year, Tether has responded to 198 requests from legal authorities to restrict wallets. Among these, nearly half came from U.S. law enforcement agencies, totaling 90 requests. Looking further back, in the last 3 years, there were a total of 339 such requests, with 158 of those originating from U.S. law enforcement.
Ardonio ended his tweet with a witty remark about collaborating with law enforcement and how other stablecoin issuers merely adhere to court orders.
“While other stablecoins, although they claim to be ‘more compliant,’ they require a judge order, allowing hackers, scammers and criminals a long time to move funds around.”
During a recent podcast interview, Garlinghouse predicted a high probability of another cryptocurrency crisis, which prompted a response from the Tether CEO. He did not provide specific reasons for his assessment against Tether, but acknowledged its significance in the crypto market.
In the cryptocurrency world, some people interpreted the remarks made by Ripple’s CEO as a potential warning sign for impending US regulatory actions. However, others believed it could be a strategic move since Ripple is about to introduce a stablecoin into the market.
CryptoMoon reached out to Tether for comments but didn’t get a response at publishing time.
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2024-05-13 12:55