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Bitfinex CTO Paolo Ardoino on Dec. 30, 2020 reassured investors via Twitter, saying that Tether and the company would not be targeted by the SEC. The response comes after concerns that the US SEC could next focus on the popular stablecoin.
- The SEC’s increased involvement in the market and the securities violation case against XRP have raised concerns about Tether, which has experienced its fair share of controversy
- Ardoino said that Tether was fully KYC/AML compliant, and that its lack of regulation was “just FUD”
- However, the cryptocommunity argued that SEC might scrutinize the company for dollar reserves backing of Tether
- The community is largely unsure whether all of Tether’s supply is backed by an equivalent amount of dollars, one report suggested that it might not be the case
- Bitfinex and Tether were involved in a securities violation case in 2019, which is currently ongoing
