{"id":165991,"date":"2024-05-13T11:55:37","date_gmt":"2024-05-13T11:55:37","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=165991"},"modified":"2024-05-13T11:55:42","modified_gmt":"2024-05-13T11:55:42","slug":"tether-strikes-back-ceo-counters-ripple-ceos-claims-affirms-commitment-to-compliance","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/tether-strikes-back-ceo-counters-ripple-ceos-claims-affirms-commitment-to-compliance\/","title":{"rendered":"Tether Strikes Back: CEO Counters Ripple CEO&#8217;s Claims, Affirms Commitment to Compliance"},"content":{"rendered":"<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">TL;DR<\/span><\/p>\n<ul style=\"text-align: justify\">\n<li><strong><span data-preserver-spaces=\"true\">Tether vs Ripple Dispute<\/span><\/strong><span data-preserver-spaces=\"true\">: Tether\u2019s CEO Paolo Ardoino refutes Ripple CEO Brad Garlinghouse\u2019s insinuations about US government actions against Tether, accusing him of spreading fear and being hypocritical, especially as Ripple faces SEC scrutiny and plans to launch a competing stablecoin.<\/span><\/li>\n<li><strong><span data-preserver-spaces=\"true\">Compliance Efforts<\/span><\/strong><span data-preserver-spaces=\"true\">: Ardoino highlights Tether\u2019s extensive cooperation with law enforcement worldwide, noting its proactive efforts in blocking over $1.3 billion linked to illicit activities and responding to hundreds of law enforcement requests, particularly from the U.S.<\/span><\/li>\n<li><strong><span data-preserver-spaces=\"true\">Operational Integrity<\/span><\/strong><span data-preserver-spaces=\"true\"><span data-preserver-spaces=\"true\">: Ardoino defends Tether\u2019s operational integrity, emphasizing its price stability, liquid reserves, and role as a banking alternative in emerging markets, while maintaining a firm stance on compliance and transparency amidst the ongoing public debate with Ripple.<\/span><\/span><br \/>\n<hr \/>\n<\/li>\n<\/ul>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">Tether\u2019s CEO\u00a0<\/span><strong><span data-preserver-spaces=\"true\">Paolo Ardoino has publicly refuted claims made by<\/span><\/strong><span data-preserver-spaces=\"true\">\u00a0Ripple CEO\u00a0<\/span><strong><span data-preserver-spaces=\"true\">Brad Garlinghouse regarding the U.S. government\u2019s alleged targeting of Tether (USDT),\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">the world\u2019s largest\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/crypto-economy.com\/stablecoins\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">stablecoin\u00a0<\/span><\/a><span data-preserver-spaces=\"true\">issuer. Ardoino\u2019s response comes after Garlinghouse hinted at potential U.S. agency action against Tether, suggesting that the government is \u201cgoing after\u201d the stablecoin giant.<\/span><!--more--><\/p>\n<p style=\"text-align: justify\"><strong><span data-preserver-spaces=\"true\">Ardoino responded to Garlinghouse\u2019s concerns on social media<\/span><\/strong><span data-preserver-spaces=\"true\">, accusing him of instigating \u201cfear about USDT\u201d and labeling his remarks as hypocritical. The CEO of Tether highlighted that\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/crypto-economy.com\/ripple\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Ripple\u00a0<\/span><\/a><span data-preserver-spaces=\"true\">is currently under SEC scrutiny and is on the verge of introducing a stablecoin that could rival USDT.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">An uniformed CEO, leading a company being investigated by the SEC, launching a competitive stablecoin (cui prodest), is being reported spreading fear about USDt.<\/p>\n<p>Let me give you an update on Tether USDt ecosystem safety.<\/p>\n<p>USDt is the most used stablecoin in the world, with\u2026<\/p>\n<p>&mdash; Paolo Ardoino \ud83c\udf50 (@paoloardoino) <a href=\"https:\/\/twitter.com\/paoloardoino\/status\/1789921257632207233?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">May 13, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p style=\"text-align: justify\"><strong><span data-preserver-spaces=\"true\">Ardoino emphasized Tether\u2019s commitment to compliance,<\/span><\/strong><span data-preserver-spaces=\"true\">\u00a0highlighting its cooperation with law enforcement agencies worldwide. Tether has been proactive in its collaboration with 124 law enforcement agencies across over 40 countries,\u00a0<\/span><strong><span data-preserver-spaces=\"true\">blocking over $1.3 billion worth of assets linked to scams<\/span><\/strong><span data-preserver-spaces=\"true\">, hacks, and money laundering activities.\u00a0<\/span><\/p>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">In the past three years,\u00a0<\/span><strong><span data-preserver-spaces=\"true\">Tether has complied with 339 requests from law enforcement, with 158 of those coming from U.S. agencies.<\/span><\/strong><span data-preserver-spaces=\"true\">\u00a0In the last 12 months alone, Tether has responded to 198 requests to block wallets, 90 of which were from the U.S.<\/span><\/p>\n<h2 style=\"text-align: left\"><span data-preserver-spaces=\"true\">Tether\u2019s Operational Integrity and Price Stability<\/span><\/h2>\n<p style=\"text-align: justify\"><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-165996\" src=\"https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/05\/TetherUSDT.jpg\" alt=\"Tether Strikes Back: CEO Counters Ripple CEO's Claims, Affirms Commitment to Compliance\" width=\"825\" height=\"300\" srcset=\"https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/05\/TetherUSDT.jpg 825w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/05\/TetherUSDT-300x109.jpg 300w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/05\/TetherUSDT-768x279.jpg 768w\" sizes=\"(max-width: 825px) 100vw, 825px\" \/><\/p>\n<p style=\"text-align: justify\"><strong><span data-preserver-spaces=\"true\">Ardoino emphasized Tether\u2019s operational integrity<\/span><\/strong><span data-preserver-spaces=\"true\">, highlighting its strong price stability, ample liquid reserves, and trustworthy custodians.\u00a0<\/span><strong><span data-preserver-spaces=\"true\">He contended that USDT has functioned as a banking alternative<\/span><\/strong><span data-preserver-spaces=\"true\">\u00a0for users in emerging economies, offering them a dependable and stable method of conducting transactions.<\/span><\/p>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">The clash between the two CEOs has sparked discussions within the crypto community, with some viewing Garlinghouse\u2019s remarks as a strategic move, given Ripple\u2019s plans to enter the stablecoin market in 2024.\u00a0<\/span><\/p>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">Others see it as an ominous sign of impending regulatory actions. However,\u00a0<\/span><strong><span data-preserver-spaces=\"true\">Garlinghouse did acknowledge the significant role Tether plays in the cryptocurrency ecosystem.\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">The crypto market has yet to react to the public debate, as Ripple&#8217;s XRP\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/coinmarketcap.com\/currencies\/xrp\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">price\u00a0<\/span><\/a><span data-preserver-spaces=\"true\">has been fluctuating since the early hours of trading on Monday.\u00a0<\/span><\/p>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">As the debate continues, Tether\u2019s stance remains firm.\u00a0<\/span><strong><span data-preserver-spaces=\"true\">The company has made it clear that it prioritizes compliance and transparency<\/span><\/strong><span data-preserver-spaces=\"true\">, setting an example for other stablecoin issuers by directly cooperating with law enforcement agencies, rather than waiting for judicial orders.\u00a0<\/span><\/p>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">Ardoino pointed out that Tether\u2019s forward-thinking strategy enables the platform to avert any potential misuse and sustain the confidence of its global user base, which numbers in the millions.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>TL;DR Tether vs Ripple Dispute: Tether\u2019s CEO Paolo Ardoino refutes Ripple CEO Brad Garlinghouse\u2019s insinuations about US government actions against Tether, accusing him of spreading fear and being hypocritical, especially as Ripple faces SEC scrutiny and plans to launch a competing stablecoin. Compliance Efforts: Ardoino highlights Tether\u2019s extensive cooperation with law enforcement worldwide, noting its &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Tether Strikes Back: CEO Counters Ripple CEO&#8217;s Claims, Affirms Commitment to Compliance\" class=\"read-more button\" href=\"https:\/\/crypto-economy.com\/tether-strikes-back-ceo-counters-ripple-ceos-claims-affirms-commitment-to-compliance\/#more-165991\" aria-label=\"More on Tether Strikes Back: CEO Counters Ripple CEO&#8217;s Claims, Affirms Commitment to Compliance\">Read more<\/a><\/p>\n","protected":false},"author":32,"featured_media":165997,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[102,84,74],"tags":[4805,4816,4844,4986,5030],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/165991"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=165991"}],"version-history":[{"count":1,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/165991\/revisions"}],"predecessor-version":[{"id":165999,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/165991\/revisions\/165999"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/165997"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=165991"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=165991"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=165991"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}