The WSJ published an article stating that the Federal Reserve is investigating Tether for violations of Anti-Money Laundering laws and Sanctions Violations.
Here is a summary of the issue👇
+Tether earns more money than Goldman Sachs but employs only a fraction of the former government officials that a traditional bank would hire to run various compliance programs—programs that are almost certainly bound to fail. This could result in fines worth billions of dollars.
+In other words, Tether chose not to participate in the AML industrial complex.
+What's happening, similar to what occurred with Binance previously, is that they are providing the value of basic financial services to countless underprivileged, people of color, and other disadvantaged groups worldwide.
+Ironically, these are the very people that the aforementioned government officials, or at least their elected leaders, claim to care deeply about.
+Because of this lucrative market, Tether may be forced to comply and share this near-monopoly market share.
+Unlike previous FUD (Fear, Uncertainty, Doubt) instances, this time the presence of BlackRock, the real owner of WSJ, is evident. BlackRock's influence in the crypto space is now immense. They entered the scene, and the process for licensing a Spot ETF fund unfolded with extreme ease—something that was unattainable for more than 10 years.
