Executives from Coinbase and Circle, two leading entities in the cryptocurrency sector, have made headlines by urging Congress to take enforcement actions against their competitors, particularly targeting Tether and its banking partner, Cantor Fitzgerald. Grant Rabenn of Coinbase and Caroline Hill of Circle testified before the House Financial Committee Subcommittee on Digital Assets, Fintech, and Inclusion, advocating for the Treasury Department to investigate Tether's assets held with Cantor Fitzgerald over allegations of financing terrorism. Circle's allegations and their competitive stance against Tether, despite Tether's cooperation with the FBI on global crime, have sparked controversy within the crypto community. The stablecoin wars have escalated as Circle and Coinbase position themselves against Tether, drawing attention to the intense rivalry and regulatory scrutiny within the digital currency space.
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
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
Today, two leading members of @BlockchainAssn, @Circle + @Coinbase, delivered impactful testimony before House @FinancialCmte Subcmte on #DigitalAssets #Fintech & #Inclusion ➖Grant Rabenn | #Coinbase ➖Caroline Hill | #Circle ➖@m_mosier_ | @arktouros ➖@ARedbord | @trmlabs… https://t.co/gx8ESAmIQZ
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
.@Coinbase's Grant Rabenn and @Circle's Caroline Hill just begged congress to crack down and issue enforcement actions on their competitors. https://t.co/AzCtUA8Bxi