Tether CEO counters Ripple’s claims about regulatory action
Key Takeaways
- Tether CEO Paolo Ardoino refuted Ripple CEO Brad Garlinghouse’s claims that the US is targeting Tether.
- Ardoino emphasizes Tether’s strong regulatory compliance and active cooperation with global law enforcement agencies.
- Ripple’s criticism could be seen as a competitive tactic ahead of its planned stablecoin launch.
Paolo Ardoino, CEO of Tether defended the company This is a response to Ripple CEO Brad Garlinghouse’s comments that USDT issuer Tether has been investigated by US regulators.
To resolve this claim, Ardoino argued to X: Garlinghouse’s remarks were particularly ironic. This takes into account Ripple’s legal issues with the U.S. Securities and Exchange Commission (SEC).
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In the podcast, Garlinghouse said: There is a “100%” chance that a cryptocurrency crisis will occur involving Tether. Some saw this as anticipating stricter regulation, while others saw it as strategic positioning ahead of Ripple’s 2024 stablecoin launch.
Ardoino discredited this claim, citing Tether’s claims. Proactive compliance strategy. He said that not only did Tether dominate the market; Maintained a record of stability and compliance; It is particularly notable for its widespread use in the banking sector of developing countries.
Ardoino explained Tether in more detail. Cooperation with global law enforcement agencies; It specifically highlights the blocking of more than $1.3 billion in assets linked to illegal activities, including fraud and money laundering. CEO too Other stablecoins have been criticized for only responding to judicial orders. He suggested that the process of tackling such criminal activity could be delayed.
He emphasized: the effectiveness of Tether’s compliance measures; Proverb:
USDT has proven over time to have strong price stability, high liquidity reserves, top custodians, and thorough compliance features.
This incident not only demonstrates the fierce competition between major crypto companies, but also highlights the importance of regulatory compliance.
Tether’s commitment to regulatory compliance was also demonstrated in April when it announced plans to freeze wallets using USDT to circumvent US sanctions on Venezuelan oil exports.
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