Circle, a digital currency company, has been advocating for the U.S. Treasury Department to investigate Tether and its banking partner, Cantor Fitzgerald, for alleged financial misconduct. Accusations from Circle, specifically from Caroline Hill, suggest that Tether, known for its cooperation with global law enforcement agencies like the FBI, might be involved in activities that finance terrorism. This push from Circle comes amidst a backdrop of longstanding competition between the two companies, with Circle attempting to leverage regulatory mechanisms to gain an advantage since at least November 2022. The rivalry has been further highlighted by Circle's previous attempts to liken Tether to the controversial FTX exchange, suggesting a narrative of superiority following the FTX debacle. The discourse around these allegations and the competitive dynamics between Circle and Tether reflect the complexities and tensions within the digital currency space.
. @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
Circle is literally saying treasury should go after Tether’s assets they keep with Cantor Fitzgerald because “they finance terrorism” Tether literally onboarded the freaking FBI and has been cooperating on crime globally. It sounds to me like someone isn’t very good at losing https://t.co/0DscsgiuMg
Wow, @Circle's Caroline Hill is really begging to congress for the treasury department to go after @Tether_to and their banking partner, Cantor Fitzgerald https://t.co/oia8YxLvAI https://t.co/SmnAqeuEyB