News

Ripple CEO Warns Of A Legal Battle Between Tether And US Regulators

May 13, 2024 - Around 2 mins mins to read

Key Points:

  • Ripple CEO warns of potential disruption from U.S. actions against USDT.
  • Despite allegations, Tether remains committed to combating illicit financial activities.
  • Ripple plans to launch its own stablecoin to diversify the crypto landscape.
Ripple CEO warns US action against Tether could disrupt crypto sector. Tether, used to bypass sanctions and for money laundering, remains committed to compliance. Ripple plans to launch its own stablecoin.

Ripple CEO Brad Garlinghouse has raised concerns over the U.S. government’s potential actions against Tether (USDT), the issuer of the world’s most significant stablecoin, warning that such a move could significantly disrupt the cryptocurrency sector.

Ripple CEO’s Concerns Over Potential Actions Against Tether

Garlinghouse’s comments come amidst findings that USDT has been exploited by sanctioned countries and terrorist organizations to circumvent U.S. financial restrictions.

The U.S. Treasury Deputy Secretary, Adewale Adeyemo, noted Russia’s increased use of Tether to bypass economic sanctions.

In addition, a UN report highlighted the widespread use of cryptocurrencies, particularly USDT on the TRON blockchain, for money laundering.

Readmore: Ethereum Spot ETFs Approval Delayed Until 2025: Report

Ripple’s Intention to Launch Its Own Stablecoin

Despite these issues, Tether maintains its commitment to compliance standards and cooperation with law enforcement to fight illicit financial activities.

The company has even frozen addresses holding large amounts of its tokens implicated in unlawful activities. Tether’s USDT remains the top stablecoin by market capitalization, with a circulating supply of around $110 billion.

Ripple CEO Warns Of A Legal Battle Between Tether And US Regulators
Source: CoinMarketCap

Meanwhile, Ripple has announced its intention to launch its stablecoin, aiming to contribute to the XRPL ecosystem and promote a more diverse crypto landscape.

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.

Brad Garlinghouse

Tether

Tether CEO

USDT

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Author

Thana

I am a news editor at Coincu, where I produce daily editorial packages and manage the knowledge and review article sections. Before journalism, I earned a Bachelor's degree in Global Logistics and Supply Chain Management from Northampton University and studied news journalism at Press Association Training.
News

Ripple CEO Warns Of A Legal Battle Between Tether And US Regulators

Key Points:

  • Ripple CEO warns of potential disruption from U.S. actions against USDT.
  • Despite allegations, Tether remains committed to combating illicit financial activities.
  • Ripple plans to launch its own stablecoin to diversify the crypto landscape.
Ripple CEO warns US action against Tether could disrupt crypto sector. Tether, used to bypass sanctions and for money laundering, remains committed to compliance. Ripple plans to launch its own stablecoin.

Ripple CEO Brad Garlinghouse has raised concerns over the U.S. government’s potential actions against Tether (USDT), the issuer of the world’s most significant stablecoin, warning that such a move could significantly disrupt the cryptocurrency sector.

Ripple CEO’s Concerns Over Potential Actions Against Tether

Garlinghouse’s comments come amidst findings that USDT has been exploited by sanctioned countries and terrorist organizations to circumvent U.S. financial restrictions.

The U.S. Treasury Deputy Secretary, Adewale Adeyemo, noted Russia’s increased use of Tether to bypass economic sanctions.

In addition, a UN report highlighted the widespread use of cryptocurrencies, particularly USDT on the TRON blockchain, for money laundering.

Readmore: Ethereum Spot ETFs Approval Delayed Until 2025: Report

Ripple’s Intention to Launch Its Own Stablecoin

Despite these issues, Tether maintains its commitment to compliance standards and cooperation with law enforcement to fight illicit financial activities.

The company has even frozen addresses holding large amounts of its tokens implicated in unlawful activities. Tether’s USDT remains the top stablecoin by market capitalization, with a circulating supply of around $110 billion.

Ripple CEO Warns Of A Legal Battle Between Tether And US Regulators
Source: CoinMarketCap

Meanwhile, Ripple has announced its intention to launch its stablecoin, aiming to contribute to the XRPL ecosystem and promote a more diverse crypto landscape.

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.
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