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Learning & News => News related to Crypto => Topic started by: sirty143 on February 06, 2024, 01:44:50 PM

Title: JPMorgan Warns of Increased Risk for Crypto Market Due to Tether's 'Lack of Regu
Post by: sirty143 on February 06, 2024, 01:44:50 PM
JPMorgan Warns of Increased Risk for Crypto Market Due to Tether's 'Lack of Regulatory Compliance and Transparency'

(https://i.imgur.com/wKtLa8Lm.jpg)

JPMorgan has warned of increased risk for the crypto market resulting from Tether’s “lack of regulatory compliance and transparency.” The global investment bank’s analysts explained that other stablecoin issuers... See more for yourself here (https://news.bitcoin.com/jpmorgan-warns-of-increased-risk-for-crypto-market-due-to-tethers-lack-of-regulatory-compliance-and-transparency/).

Your opinion is greatly appreciated.
Title: Re: JPMorgan Warns of Increased Risk for Crypto Market Due to Tether's 'Lack of Regu
Post by: Aanuoluwatofunmi on February 07, 2024, 02:01:27 AM
This are the same people in the like of Michael Saylor among others that will come to the public to warn people against taking a particular decision or actions and yet be the ones going after those things they already warned about, some people will think they can always influence through their political power and how being recognized they were in the society under the influence of the role and power they bear, cryptocurrency markets has never been without risk before.
Title: Re: JPMorgan Warns of Increased Risk for Crypto Market Due to Tether's 'Lack of Regu
Post by: Charles-Tim on February 07, 2024, 07:33:37 AM
Quote from: Aanuoluwatofunmi on February 07, 2024, 02:01:27 AM
This are the same people in the like of Michael Saylor among others that will come to the public to warn people against taking a particular decision or actions and yet be the ones going after those things they already warned about, some people will think they can always influence through their political power and how being recognized they were in the society under the influence of the role and power they bear, cryptocurrency markets has never been without risk before.
Why referring to Michael Saylor? What I know about that man is that he likes to tweet much about bitcoin. Aside that, I do not notice anything. I have not seen him directly telling people not to invest on certain altcoins, but maybe I am not completely right about this. We all know that Tether is not a trustworthy company and we know some things about the coin are shady. I think JPMorgan did not just talk about this coin without no research. He researched and saw what we did saw in the past that we said tether is not reputed because of how shady they are and in connection with Bitfinix or something which owns tether.
Title: Re: JPMorgan Warns of Increased Risk for Crypto Market Due to Tether's 'Lack of Regu
Post by: yhiaali3 on February 07, 2024, 10:58:54 AM
Quote from: Charles-Tim on February 07, 2024, 07:33:37 AM
Why referring to Michael Saylor? What I know about that man is that he likes to tweet much about bitcoin. Aside that, I do not notice anything. I have not seen him directly telling people not to invest on certain altcoins, but maybe I am not completely right about this. We all know that Tether is not a trustworthy company and we know some things about the coin are shady. I think JPMorgan did not just talk about this coin without no research. He researched and saw what we did saw in the past that we said tether is not reputed because of how shady they are and in connection with Bitfinix or something which owns tether.
I also was surprised by why he refers to Michael Sailor. This man is known for his love for bitcoin.

However, for Tether, it is true that a company is not trustworthy and there were a lot of doubts about the transparency and the suspicious things they did, but in the end they submitted their reports and fully subjected to government demands and regulations.

In other words, I want to say that they are acceptable to the government, but they are not worthy of us, who believe in bitcoin and decentralization. What is Tether different from JPMorgan or any other central bank? It may be worse !!
Title: Re: JPMorgan Warns of Increased Risk for Crypto Market Due to Tether's 'Lack of Regu
Post by: ABCbits on February 07, 2024, 11:20:21 AM
I somewhat disagree about lack of regulatory compliance when Tether frequently freeze or confiscate USDT as requested by government. Although it's ironic when JPMorgan got fined several times due to violating regulation[1] and FinCEN claim they process suspicious transaction[2].

[1] https://en.wikipedia.org/wiki/JPMorgan_Chase#Lawsuits_and_legal_settlements_by_years (https://en.wikipedia.org/wiki/JPMorgan_Chase#Lawsuits_and_legal_settlements_by_years)
[2] https://www.abc.net.au/news/2020-09-21/fincen-files-reveal-suspicious-transactions-approved-red-flags/12685678 (https://www.abc.net.au/news/2020-09-21/fincen-files-reveal-suspicious-transactions-approved-red-flags/12685678)
Title: Re: JPMorgan Warns of Increased Risk for Crypto Market Due to Tether's 'Lack of Regu
Post by: joniboini on February 07, 2024, 03:15:38 PM
So which stablecoin is preferred by JPMorgan? I heard they launched their own coin too, but it is the same company or do they just share a similar name (JP Morgan Chase)? This is basically the same argument used by other stablecoin providers. I also remember a similar report related to Tether's supposed lack of regulatory compliance even though they agree Tether freezes accounts regularly. I do agree that Tether's dominance is not always good, especially if they can print tokens whenever they want without any capital to back it up.