In a recent interview, Tether’s new CEO Paolo Ardoino said he plans to publish its reserve data.
Paolo Ardoino, who was recently named as the new CEO of Tether, revealed in an interview that the USDT stablecoin issuer plans to start publishing real-time data on its reserves.
The stablecoin sector has been the subject of skepticism from both regulators and the community at large. In particular, USDT, the most dominant stablecoin in the market, has been a frequent subject of controversy due to questions about its underlying financial backing.
According to a Bloomberg report, Paolo Ardoino plans to start publishing real-time data on Tether reserves in 2024. Recall that Ardoino, who was already recognized as the face of the company during his tenure as Chief Technology Officer. However, he will take over as Tether’s new CEO starting in December 2023.
US Treasury Department Proposes Regulation for Cryptocurrency Mixers
The US Treasury Department has presented a proposal aimed at international cryptocurrency platforms, which are also known as “cryptocurrency mixers.” This initiative comes amid growing concern on Capitol Hill regarding the use of cryptocurrencies to fund extremist groups, a concern that has intensified after the Hamas attack on Israel on October 7.
The new proposal uses laws traditionally applied to banks and foreign jurisdictions. The Treasury Department’s proposal implies the need to maintain detailed records, as well as submitting thorough reports for financial transactions linked to cryptocurrency mixers.
Ripple Celebrates Legal Victory as LBRY Shuts Down Operations
Ripple’s recent victory in its legal battle against US stock regulators has been marred by the sudden shutdown of blockchain platform LBRY, which has caused reactions in the cryptocurrency community.
The US SEC announced on October 19 its intention to dismiss all lawsuits filed against Ripple CEO Brad Garlinghouse, as well as CEO Chris Larsen. This event marked an important legal milestone for Ripple in the civil case that had begun at the end of 2020.
However, on the same day as this news, LBRY, a prominent blockchain-based payment and file sharing network, announced it was ceasing operations. This was because the platform had debts amounting to “several million dollars” to the SEC, its legal team, and a private debtor.
The creators of LBRY are known for having developed Odysee, an open-source video sharing website that uses the network, with the aim of offering a decentralized alternative to large video platforms like YouTube.
Former FTX General Counsel Testifies at Sam Bankman-Fried Trial Over Alameda Research’s Taking of Client Funds
In a prominent testimony in the ongoing trial of FTX founder Sam Bankman-Fried, Can Sun, the company’s former general counsel, shared his perspective on the controversial decision to allow sister company Alameda Research to borrow thousands of millions in client funds. Sun stressed that FTX’s terms of service could not justify this action.
Sun’s testimony came on a Thursday morning, and it provided deeper insight into the circumstances that led the company to face a major financial hole that became public last November.
Sun revealed that, in his attempt to find a way to explain this situation to a potential investor, he identified three theoretical approaches that could have been used. But, he emphasized that none of them were supported by the reality of the facts.
By Audy Castaneda
