Will Tether FUD Continue After New York AG Document Burial?
When you are involved in a court proceeding against a government institution and respond by sending the other party some 2.5 million documents to look through, chances are that onlookers will think either of the following two possibilities: you are trying to bury the other party in paperwork so that the case drags on or, you are being very forthcoming in your response and don’t want to be blamed afterwards of having overlooked something.
In the case of Tether (USDT), the stablecoin pegged to the US dollar that is under investigation by the New York Attorney General, this is exactly what happened. On a side note, if that strategy works, we already wonder how many documents XRP will provide to the SEC to respond to their complaint.
I want to re-iterate my thank you to the many voices that this past few weeks have stood up against #tetherFUD— Paolo Ardoino (@paoloardoino) January 18, 2021
(my editing skills are limited, there are hundreds more I should have added like @AlamedaTrabucco @alistairmilne @J0E007 @Arnab_Naskarr @cmsholdings ) pic.twitter.com/c0Z3LpXcuK
But back to Tether, which has become sort of the backbone of the entire crypto economy. At the moment, Tether Limited and the Tether cryptocurrency are being named as controversial in certain media outlets because some claim that it is able to manipulated the price of bitcoin. On Twitter, the term TetherFUD (Fear, Uncertainty and Doubt) has been trending for days.
I think our discussions with the AG's office are productive and going well. We look forward to continuing those. We have mediated our disputes, which I think is positive progress. Unfortunately I can't share further details here.— Stuart Hoegner (@bitcoinlawyer) January 19, 2021
Discussions going well
Stuart Hoegner, who tweets with the moniker Bitcoinlawyer, has been appointed as Tether’s General Counsel. He stated in response to demands from the cryptosphere that the “discussions with the AG’s office are productive and going well.”
Tether CTO Paolo Ardoino meanwhile expressed his thanks to many in the cryptosphere who stand by the coin as the New York justice personnel continues their investigation.
Dan Held, who represents the Kraken platform and always has interesting ideas to share with the cryptosphere, recently added in defense of Tether that:
Worries that one stablecoin, which only represents 3% of Bitcoin’s market cap, could hurt Bitcoin by going bust is absurd.
Expect lots of follow-up in the weeks to come.