🚨 BREAKING: The U.S. Senate sent a letter requesting immediate information from #Tether about their reserves, redemption process, issuance, and activities due to "several market integrity concerns" as stated by the PWG.

Tether has been given 10 days to respond. #Retweet
Question number 5. This is going to be so much fun! 🙈
Interesting Note: The letter is addressed to #Tether CEO Jean Louis van der Velde, who hasn't been seen/heard for quite time...
My guess is that #USDC probably received a similar letter. 🤔
Who is Senator Sherrod Brown? He is the Chair of the Senate Banking Committee.
Why is Senate Banking Committee important? It has jurisdiction over matters related to banks & banking, deposit insurance, federal monetary policy, issuance of redemption of notes, currency & coinage, etc.
This is the moment when #Tether is gonna lawyer up. Things are gonna get difficult for them. I don't expect them to respond on time. They will seek to postpone or not answer at all. This is a prelude to a potential Senate Hearing. They will not want stuff on paper...
🚨 CONFIRMED: Sen. Brown sent a similar letter to #Circle that operates stablecoin #USDC. Brown also sent letters to cryptocurrency exchanges #Coinbase, #Gemini and #Binance, as well as #Paxos which operates Pax dollar stablecoin; TrustToken, which operates the #TUSD stablecoin..
IMPORTANT FACT: In March this year, Senator Sherrod Brown sent a letter to Fed, encouraging Fed to take a lead on CBDCs, and dissing #Bitcoin and Facebook's #Libra. In other words, Sen. Browns actions are in sync with PWG and other regulators...
🚨 CONFIRMED LETTER: This is the letter sent to #USDC. It is the same letter as the one sent to #Tether.
For all the messages that I am receiving that claim this is fake and just FUD, here is the link to the letter from the Senate Committee: banking.senate.gov/imo/media/doc/…
I expect a lot of ex-regulators who have started working for #crypto players as directors, consultants or lobbyists, to start resigning for "personal reasons".

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More from @wallstreetpro

23 Nov
▶️ El Salvador & Bitcoin Bond: Today, El Salvador is practically shut out of the traditional bond market. The only potential buyers of the new $1B "#Bitcoin bond" are small investors and #crypto enthusiasts. #Retweet 🧵1/4
The new bitcoin bond will have an annual coupon of 6.5% far below the prevailing interest rate on the country’s existing overseas bonds, which have seen yields spiral higher this year as investors baulk at the increasingly unorthodox direction of #Bukele’s economic policy. 2/4
The sell-off in Salvadoran debt continued on Monday, pushing the yield on a bond maturing in 2032 above 13%. The country has 10 international dollar bonds worth $US7.65 billion, roughly 30% of its GDP and about a third of its overall government debt. 3/4
Read 4 tweets
16 Oct
🚨 #Tether is already violating the terms of its settlement with @CFTC. They are making public statement denying & misrepresenting the findings and conclusions of the CFTC Order. Please #Retweet. /1
They falsely claim that the CFTC order didn't find any "issues relating to Tether’s current operations." FALSE. CFTC scope of investigation included the time period from Jun 1, 2016 - Feb 25, 2019. Therefore, CFTC did not investigate any activities before & beyond this period. /2
#Tether falsely claims that "there is no finding that tether tokens were not fully backed at all times". This is not true. #CFTC has proven beyond a reasonable doubt that Tether lied. Below is evidence from the Press Release, the actual Order, and the Statement by Commisioner. /3
Read 6 tweets
15 Oct
🚨 BREAKING: #CFTC orders #Tether and #Bitfinex to pay fines totaling $42.5M. Tether will pay $41M over claims that #stablecoin was fully backed by US Dollars. #Bitfitnex will pay $1.5M for illegal transactions and violation of prior CFTC Order.

"The order requires Tether to pay a civil monetary penalty of $41 million and to cease and desist from any further violations of the Commodity Exchange Act (CEA) and CFTC regulations, as charged."
"As found in the order, Tether held sufficient fiat reserves in its accounts to back USDT tether tokens in circulation for only 27.6% of the days in a 26-month sample time period from 2016 through 2018."
Read 7 tweets

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