The problem of Tether and Bitfinex, which has been preoccupying the agenda for a long time, has finally been solved. In the crypto currency markets Tether’\’s reserve information is a serious FUD he had created it. After the issue of CFTC violations became clear, the company went to an agreement. Finally, Tether has cleaned up all its roughness from before 2018. From today ETF the news and the victory of Tether triggered Bitcoin’s journey to $ 62,000.
CFTC Fines Tether and Bitfinex
The regulator examined Tether’s data for dec016 and 2018. A period of about 26 months was thoroughly investigated. As a result of this study, is pegged to the dollar Tether (USDT), which turned out to support the assets it printed by only 27.6%. That is, only 27.6% of the printed dollars had a real-world equivalent. Of course, this rate is measured in “nominal money”. In addition, “which cannot be directly cashed out” and USDTthere are more assets supporting the .
This situation CEA and CFTC It was considered a violation of the law by the (Commodity Futures Trading Commission). Finally, an agreement was reached at the end of the process. Tether and Bitfinex he agreed to pay a $42.5 million fine. As a result of this, the company has cleared itself of violations it committed before 2018.
Investors Should Not Relax Immediately
CFTC Commissioner Dawn Stump made an important statement regarding this issue. CFTC stablecoinhe asked that no wrong conclusion be reached that he was regulating the and auditing his issuers. Stump, who asked investors using Stablecoin not to relax because of this, said the following.
“It would be wrong for this decision to give stablecoin users a sense of relief”.
The CFTC is in the relevant case Tether (USDT) treated ’a as a commodity. Tether has also abandoned its claim that it has always maintained sufficient reserves throughout history. The company said in a statement that it wants to clear the past and lead the way to the future.
Tether has finally closed one of its most important files. As a result of this, the crypto currency markets gained a serious rise today in the evening. Bitcoin (BTC) approaching $62,000, Ethereum (ETH) it has withstood the $4,000 limit. Now everyone without exception is convinced that the last bear season is over and a new bull has begun. The decline in the Bitcoin dominance level may also trigger altcoins to make more effective rises.