Tether Bends to Lawmakers Around the World on Stablecoin Concerns

[waybesuricata]

Tether said over Twitter that it would cooperate with authorities to address stablecoin concerns. Tether was recently sent a letter by U.S. Senator Sherrod Brown, which spoke of stablecoins and investor protection.

Tether has announced that it would work with global lawmakers to address any issues associated with stablecoins. The statement was made over Twitter on Nov 25, with the company saying that it would work collaboratively to build this industry.

In the Twitter thread, Tether also linked a press release by Senator Sherrod Brown, who chairs the U.S. Senate Committee on Banking, Housing, and Urban Affairs. Brown sent letters to stablecoin issuers and exchanges asking about how they protected investors. Recipients of the letter include Coinbase, Gemini, Paxos, TrustToken, Binance.US, and Tether.

Tether’s tweets were a response to that press release, and like many other stablecoin issuers, it appears to be working on compliance and is eager to appease regulators. Tether itself has been at the center of a lot of controversy in the market, largely related to the backing of the USDT supply.

Source and continuation of news: https://beincrypto.com/tether-lawmakers-world-stablecoin-concerns/