Cryptocurrencies

Tether CEO Hits Back at Ripple’s Allegations Regarding Regulatory Actions

The CEO of Tether, Paolo Ardoino, has responded to Ripple CEO Brad Garlinghouse’s claims that the US is targeting Tether. Ardoino emphasized Tether’s strong compliance record and collaboration with global law enforcement agencies, contrasting with Ripple’s legal issues with the SEC. Garlinghouse’s remarks were seen as strategic ahead of Ripple’s planned stablecoin launch in 2024.

In a podcast, Garlinghouse predicted a crisis in crypto involving Tether, but Ardoino dismissed this citing Tether’s proactive compliance strategy and market dominance. Tether has cooperated with law enforcement agencies to block over $1.3 billion in assets related to illegal activities. The CEO criticized other stablecoins for reacting only to judicial orders, delaying the process of addressing criminal activities.

Tether’s commitment to regulatory compliance was evidenced by its announcement to freeze wallets using USDT to bypass US sanctions on Venezuelan oil exports. The intense rivalry among major crypto firms highlights the importance of regulatory compliance in the industry. Ardoino emphasized Tether’s compliance measures and praised its stability, liquidity, custodians, and compliance.

Aaron, with a Master’s degree in Economics, Politics, and Cultures of East Asia, is an experienced FinTech analyst. He provides data-driven content on blockchain and Web3, making it accessible to beginners and industry veterans alike. Aaron’s insights have been featured in established outlets, reflecting his dedication to understanding market trends and emerging opportunities.

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