Tether News Today
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Tether will pay $41 million to settle allegations by the US Commodity Futures Trading Commission that the company made untrue or misleading statements when it claimed its stablecoins were fully backed by fiat currencies.
The Biden administration is considering ways to impose bank-like regulation on the cryptocurrency companies that issue stablecoins, according to people familiar with the matter, including prodding the firms to register as banks.
Sponsors say stablecoins are safe, but regulators are concerned about potential risks to financial stability.
Tether says it doesn’t hold short-term debt from the struggling developer. But that doesn’t mean tether holders aren’t at risk.
In a Sept. 1 interview with World Economic Forum founder and executive chair Klaus Schwab, Lagarde said cryptocurrencies "present themselves as currencies," but she still considered them as assets to be regulated and "supervised by asset regulators."
The stablecoin has secured itself a critical place in the crypto ecosystem, but its holdings fall short compared with those of prime money-market funds.
The crypto world on Tuesday saw what might have been the largest hack and loss of funds of all time. As my colleague Olga Kharif reported, $600 million was stolen from a cross-chain protocol called PolyNetwork.
Tether was once the stablecoin king. Now its dominance is threatened by newcomers and legal uncertainty.
Regulators are training their sights on tether, the biggest of the dollar-pegged cryptocurrencies known as stablecoins. But even as tether's legal troubles ratchet up, the stablecoin has already seen market share decline.
Government increasingly concerned about lack of oversight. Group to develop recommendations to address risks in market.
Fed Chairman Jerome Powell told Congress this week that he would like to see a corner of digital currencies more tightly regulated.