Anyone else think the Tether News was actually pretty good news?

in hive-148441 •  2 months ago 

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(Source: https://www.cnbc.com/2021/02/23/tether-bitfinex-reach-settlement-with-new-york-attorney-general.html)

The Tether Settlement was much better than I expected

I've seen some rumblings from people seeming to think the sell off in Bitcoin and altcoins is related to the Tether news that came out last night.

In case you hadn't seen what news I'm talking about, the gist of it can be found here:

https://cointelegraph.com/news/tether-to-report-reserves-and-pay-18-5m-fine-after-settlement-with-nyag

The bullet points were as follows:

  • Tether pays $18.5 million to NY
  • Tether must report reserves every quarter for next 2 years
  • Tether can no longer serve NY residents

That's pretty much it.

As far as I am concerned, this doesn't sound as bad as it could have been. The part about not able to serve NY based residents any longer is probably the biggest piece of news in my opinion.

Does that mean NY residents can't buy Tether on a crypto Exchange? I am guessing not.

It probably means they can't directly buy tethers with cash from Bitfinex/Tether.

I am not expert in legal matters but this settlement sounds relatively small compared with the amount of money flowing through Tether.

Though this settlement is just with the NYAG, I believe they still have a lawsuit open with the DOJ, though I am not certain.

If that is the case, then that would be the big one.

Perhaps someone with a little more background info on this than me can chime in.

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Good to get this news behind us.

Some were thinking the Tether outcome could bring down the crypto markets.

Some were thinking the
Tether outcome could bring down
The crypto markets.

                 - jondoe


I'm a bot. I detect haiku.

They were wrong looks like.

I don't think this being removed as a market risk is priced in yet.