Transparent stablecoins? Conclusion of Tether vs. NYAG raises new questions.

[Malam90]

Though the Tether settlement may help bring in more transparency, experts believe that state-centric bans may not be the way out.
A long-standing legal drama finally found resolution on Feb. 23, with the New York Attorney General’s office announcing that it had come to a settlement with cryptocurrency exchange Bitfinex after a 22-month inquiry into whether the company had been trying to cover up its losses — touted to be worth $850 million — by misrepresenting the degree to which its Tether (USDT) reserves were backed by fiat collateral.

According to the terms of the announced settlement, which now marks an end to the inquiry that was initiated by the NYAG back in Q1 2019, Bitfinex and Tether will pay the government body a fixed sum of $18.5 million but will not be required to admit to any wrongdoing. That being said, the settlement clearly states that henceforth, Bitfinex and Tether can no longer service customers in the state of New York. Source Link

[damsix]

This is the biggest drama in crypto currency including stable coins because almost everyone can know what the result will be and I have predicted it and it turns out that Tether is passed by NYAG.
This NYAG seems to get real and true documents from Tether so that NYAG doesn't demand too far from Tether.

[Dora Walletinvestor]

I'm glad this case was finally resolved. I've been aware of the sketchiness of this for a while but I think many people were not, because many still trusted Bitfinex and Tether a lot.