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News

Tether CEO Paolo Ardoino Rejects Allegations That USDT Is Illegal

February 16, 2024 - Around 2 mins mins to read

Key Points:

  • Tether reaffirms its commitment to preventing misuse of stablecoin technology by collaborating with global law enforcement agencies.
  • Tether CEO Paolo Ardoino dismisses accusations of involvement in terror financing as “misleading.”
According to CryptoSlate, stablecoin issuer Tether has reaffirmed its commitment to preventing the misuse of stablecoin technology by collaborating with law enforcement agencies globally.
Tether CEO Paolo Ardoino Rejects Allegations That USDT Is Illegal

Tether CEO Paolo Ardoino Dismisses Accusations of Terror Financing

In response to remarks made by Caroline Hill, Senior Director of Global Policy and Regulatory Strategy at Circle, during a House Financial Services Committee hearing, where concerns were raised about Tether’s alleged involvement in terror financing, Tether CEO Paolo Ardoino dismissed the accusations as “misleading.” He emphasized that Tether has taken significant steps to combat illicit crypto activities.

Ardoino stated: “Misleading Congress is a shocking act of desperation and those who do so should be ashamed of themselves.”

He further asserted that Tether follows Treasury OFAC sanctions and collaborates with law enforcement agencies across 19 jurisdictions worldwide, including direct engagement with the US Department of Justice and Secret Service.

Tether Stands Firm Amid Criticism, Reinforces Commitment to Regulatory Compliance

This comes amid recent criticism from a Wall Street giant regarding Tether’s dominance in the crypto sector, which Tether CEO Paolo Ardoino denounced, citing perceived double standards. Despite challenges and scrutiny, Tether remains steadfast in its commitment to regulatory compliance and combating illicit activities within the crypto space.

What distinguishes Tether from the competition is its persistent steadiness, with a continuous value of around $1. Among the surging tides of the cryptocurrency market, USDT stands out as a beacon of stability, attracting investors looking for protection from price volatility.

Tether’s proactive approach underscores the growing importance of regulatory oversight in the cryptocurrency industry and highlights the ongoing efforts of major players to address concerns surrounding security and compliance.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Circle

Paolo Ardoino

Tether

USDT

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.