The Commodity Futures Trading Commission ordered Tether, Friday, to pay a $41 million fine for \u201cmaking misleading statements and omissions of material fact in connection with the U.S. dollar tether token (USDT) stablecoin.\u201d
This case highlights the expectation of honesty and transparency in the rapidly growing and developing digital assets marketplace.
Stablecoins are cryptocurrencies whose aim is to remain stable and have low volatility. They can be pegged to a currency or a commodity, such as gold.
Since 2014, Tether has represented that the tether token is a stablecoin with its value pegged to fiat currency and 100% backed by corresponding fiat assets, including U.S. dollars and Euros.
The Commission says that from at least 1 June, 2016, to February 25, 2019, Tether misrepresented to customers and the market that Tether maintained sufficient U.S. dollar reserves to back every USDT.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Commodity Futures Trading Commission ordered Tether, Friday, to pay a $41 million fine for \u201cmaking misleading statements and omissions of material fact in connection with the U.S. dollar tether token (USDT) stablecoin.\u201dThis case highlights the expectation of honesty and transparency in the rapidly growing and developing digital assets marketplace.Stablecoins are cryptocurrencies whose aim is …<\/p>\n","protected":false},"author":13,"featured_media":31837,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[40,37,36],"tags":[7801,6903,7800,7802,7546],"class_list":["post-52865","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-cryptocurrencies","category-forex-markets","category-market-updates","tag-commodity-futures-trading-commission","tag-cryptocurrencies","tag-fine","tag-stablecoin","tag-tether"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/52865","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=52865"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/52865\/revisions"}],"predecessor-version":[{"id":52869,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/52865\/revisions\/52869"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/31837"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=52865"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=52865"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=52865"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}