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24 Nov
🚨 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...
Read 12 tweets
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.

cftc.gov/PressRoom/Pres…
"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