Oh Tether....... Oh Sweet Sweet Tether......

Oh Tether....... Oh Sweet Sweet Tether......

By Cje95 | Chronic Illness and Crypto | 19 Oct 2021

Poor sweet sweet Tether committed one of, if not the biggest sins, one can commit in the financial world. If you are a company or entity that is dealing with financial products or investments and you are operating in the United States and say your product is fully backed up by USD..... well you better have that USD for when the authorities look into you. 


Over the last few years, Tether has been under investigation for a variety of different things from price manipulation to the fully backed by USD to even if they have enough cash/cash equivalents total to maintain a $1 peg. While some of the issues are still under investigation this one dating back to 2017 is finally hammered out. Now, this wording was only used between 2016 to Feb. of 2019 and this just shows how long it can take investigative authorities to issue their judgments and/or settle with companies. While crypto might move at the speed of light regulators tend to crawl and lag behind. 


With this being a settlement there is not going to be any appeal by Tether or Bitfinex, the parent company that issues whether. This is often done to avoid more and more legal fees and to just move on when a company realizes that they are not going to be able to beat a case and the government wishes to wrap up a case as well. I have to say the price tag comes in pretty high for what I have seen issued against crypto companies in the past. Where this differs though is Tether's position within the crypto realm.


Tether itself was fined $41 million USD for the comments while Bitfinex was fined an additional $1.5 million for a total of $42.5 million USD. That is a pretty heavy chunk of change for any company especially one in the crypto world. Now Tether and Bitfinex have fixed the issue that led to this fine and should avoid it in the future with relative ease. Tether/Bitfinex still are facing additional issues that will be interesting to see how they navigate these. This could possibly be setting the scene for them to settle with the government rather than right charges and fines. It will be something that only time will tell but at least they have one charge taken care of. 


Still with all of this going on Tether maintains is dominance in the stablecoin market. It is especially favored as the go to crypto for a ton of transactions to captures gains and minimize losses. 

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Graduated from Texas A&M in May of 2020 had dabbled in crypto since 2017 but dove in at the end of 2019. December of 2020 packed up and moved to D.C. and shares my growing pains with y’all here! Huge sports fan, space nerd, and international news reader!

Chronic Illness and Crypto
Chronic Illness and Crypto

Cryptocurrency and Blockchain are going to be a huge part of the future and no matter who tries it isn't going to be stopped! Here I try to give my best insight and thoughts into the latest crypto news, features, developments. Further, I look to discover any link to news from the United States ranging from social-political issues to stock market and economic data.

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