The cryptocurrency industry is witnessing escalating tensions between major stablecoin issuers Circle and Tether, with financial institutions like JPMorgan and Coinbase also involved. Circle and Coinbase have been vocal about their concerns regarding Tether, urging U.S. authorities to take stricter regulatory actions against it and other offshore crypto firms that evade compliance. This push for regulation comes amidst Circle's attempts at regulatory capture and its rivalry with Tether, which has garnered support from Bitcoiners. Circle has even called on Congress to clamp down on Tether, emphasizing its close relationship with U.S. authorities. JPMorgan highlighted the potential for U.S. regulators, through the Office of Foreign Assets Control (OFAC), to exert control over Tether. The dispute underscores a broader debate within the cryptocurrency community about regulation, compliance, and the future of stablecoins in the financial ecosystem.
It’s pretty easy to find the fraud in crypto, just find out who Tether is providing financing for. 🤣
Remember kids, Tether owns Deltec bank. So tether loaned money to FTX/Alameda Ponzi scheme. Now what other Ponzi schemes are they funding?
What the fuck did I tell you all? Bahamas Bank Deltec Accused of Giving SBF ‘Secret’ Credit to Buy Tether https://t.co/4vuFmQs3In
Remember folks, Alameda/FTX was a Tether funded Ponzi scheme. H/t @ZekeFaux https://t.co/snMB3K8qJ7
🚨 "I personally believe that no company should be allowed to reference the US dollar without [being a US-licensed stablecoin operator]" 🚨 - Circle/USDC director testifying to Congress Circle is pushing a major threat to Ethereum in the form of proposed hostile stablecoin… https://t.co/APumkSUL9F
.@jpmorgan says U.S. regulators can exert some control over stablecoin issuer @Tether_to via the @USTreasury’s Office of Foreign Assets Control. https://t.co/FWPugm7Cu7
Circle (man) thinking they’ve got an edge over Tether because they’re tight with the Feds (the lion) https://t.co/HtDKseHuvS
Coinbase and Circle executives have called on the U.S. authorities to intensify actions against Tether and offshore crypto firms that fail to comply with regulations https://t.co/Np1uhQSk8a
The stablecoin wars are heating up as @circle and @coinbase ask Congress to clamp down on USDT issuer @Tether_to Read more: https://t.co/kzzYwk8TuX https://t.co/OsPvbo4jM1
JPMorgan, Tether spat escalates as stablecoin issuer slams another critical bank report https://t.co/brWmvj1hhj
. @circle may have a rivalry with @Tether_to. #Tether has no rivals. https://t.co/RGjDkLBBN7
Circle and Coinbase (bitcoin haters) want the US government to shut tether down. Tether (even though it's a centralized fiat coin who can be shut down) are Bitcoiners. They stack sats. The owners were on the right side of the blocksize wars. I want to see them succeed. https://t.co/GdFASWOdSL
Circle has been peddling this line for many years and has tried using regulatory capture because they could otherwise not compete. In November 2022 they implied Tether = FTX and called themselves the winners of that debacle. Here is the stablecoin supply since they "won"...… https://t.co/4ex3xR3GMa https://t.co/M72eep4fpg
.@jpmorgan says U.S. regulators can exert some control over stablecoin issuer @Tether_to via the @USTreasury’s Office of Foreign Assets Control (OFAC). @willcanny99 reports https://t.co/dWKaqsPAAx
Unmitigated rugs in defi space have been by percentage an absurd amount in usdc and circle as a business has used its claw back mechanism precious few times to address these issues. Should us citizens file complaints for us treasuries and sec against circle? Should we look… https://t.co/cQnaZGV2eQ