Ripple CEO Brad Garlinghouse claims that the US government is monitoring Tether
Brad Garlinghouse, CEO of #Ripple , has expressed concern that the US government is keeping a close eye on #Tether , the largest issuer of stablecoins.
Garlinghouse warned that potential regulatory action against Tether could have a significant impact on the #cryptocurrency ecosystem.
However, Ripple plans to enter the stablecoin market by introducing its own fully-collateralized digital asset at an unspecified time.
Brad Garlinghouse, CEO of Ripple, warned that the U. S. government is targeting Tether, the largest issuer of stablecoins by market capitalization.
Garlinghouse made the disclosure on a new episode of the World Class podcast with Chris Vasquez.
According to Garlinghouse, potential U. S. action against stablecoin issuers could cause major upheaval in the cryptocurrency space.
The U. S. government will go after Tether. This is obvious. I view Tether as a very important part of the ecosystem and I don't know how to predict how this will affect the rest of the ecosystem," Garlinghouse said.
The statement comes amid reports that terrorist organizations and sanctioned countries are using #USDT to circumvent U. S. financial regulations. In April, U. S. Deputy Treasury Secretary Adewale Adeyemo testified before the Senate Banking Committee that Russia is using alternative payment methods, such as Tether's USDT, to circumvent economic sanctions. He emphasized that Russia is increasingly using alternative payment methods, such as USDT from Tether, to circumvent economic sanctions.
We see Russia increasingly relying on alternative payment mechanisms, including a peg to stablecoins, to circumvent our sanctions and maintain funding for its military machine.
At the same time, according to a UN report, cryptocurrencies are widely used for money laundering.
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