Stablecoin Issuer Tether Ordered to Produce Documents Showing Backing of USDTwww.coindesk.com/markets/2022/09/21/stablecoin-issuer-tether-ordered-to-produce-documents-showing-backing-of-usdt
191 sats \ 4 comments \ @cryptocoin 21 Sep 2022 bitcoin
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55 sats \ 0 replies \ @siggy47 21 Sep 2022
While reading this I couldn't help but notice that the legal argument against tether accuses it of the same thing that the US dollar has been doing over the past fifty years- using unbacked currency to artificially inflate markets.
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28 sats \ 0 replies \ @BlokchainB 21 Sep 2022
Tether is more solvent then the Eurodollar system.
Tether is free banking! People hate it but it’s still around for a reason it’s useful!
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0 sats \ 0 replies \ @cryptocoin OP 21 Sep 2022
Tether's response:
New Order to Produce Reserves Backing : A Routine Discovery Matter In A Meritless Case https://tether.to/en/new-order-to-produce-reserves-backing-a-routine-discovery-matter-in-a-meritless-case
Also see another post, found here on SN, with a link to the court filing:
Tether ordered to produce documents showing backing of USDT #72571 https://storage.courtlistener.com/recap/gov.uscourts.nysd.524076/gov.uscourts.nysd.524076.247.0.pdf
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0 sats \ 0 replies \ @cryptocoin OP 21 Sep 2022
The order requires Tether to produce “general ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements”, as well as records of any trades or transfers of cryptocurrency or other stablecoins by Tether including information about the timing of the trades.
It also orders Tether to share details about the accounts it holds at Bitfinex, Poloniex, and Bittrex.
An archive of the article is here. An archive has no paywall, no subscription requirement, and can be easier to read.
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