US Fed Official Calls Tether a ‘Challenge’ to Financial Stability

[HAL1000]

Mods I know this is not XRP or Ripple news exactly, but before you move this entry, when you think about it, this news affects ALL crypto assets:-

https://www.nasdaq.com/articles/us-fed-official-calls-tether-a-challenge-to-financial-stability-2021-06-25

Edited June 26, 2021 by HAL1000

[CryptoPitbull]

From the article....

“What’s interesting is [Fed governor Lael] Brainard and then [chairman Jerome] Powell started talking ‘stablecoins.’ But now Rosengren talks ‘tether’ by name. That’s an escalation,” said Long, the founder and CEO of Avanti Financial in Wyoming.

“The Fed is so practiced, … at ‘Fedspeak’ — such carefully constructed statements so that multiple sides of an issue can see their side in what the Fed said,” she said. “That was basically the [case with] previous statements about stablecoins. But today the Fed escalated. Rarely are they so explicit like they were today.”

I am taking this to heart....

51 minutes ago, HAL1000 said:

Mods I know this is not XRP or Ripple news exactly, but before you move this entry, when you think about it, this news affects ALL crypto assets:-

https://www.nasdaq.com/articles/us-fed-official-calls-tether-a-challenge-to-financial-stability-2021-06-25

 

[aavkk]

Just me speculating but it wouldn't surprise me one bit to see the powers that be force USDC into the Stablecoin of choice.  Circle raised $400 MM very recently and has the support of the biggest players on Wall St.  

[thinlyspread]

This is brilliant - well worth a listen while it's free online. 

Quote

THE GRANT WILLIAMS PODCAST: BENNETT TOMLIN & GEORGE NOBLE

July 11, 2021

My recent foray into the world of the stablecoin tether and the companies and personalities surrounding it has been utterly fascinating.

I’ve seen many curious things during my career but the seemingly blatant nature of what certainly seems, at face value, like a gigantic fraud, has astonished me. In the recent June edition of Things That Make You Go Hmmm…, I dove into Tether (the company),
Bitfinex and tether (the coin) and what I found blew my mind.

Much of my research was built upon the work of a group of tether skeptics, one of whom, Bennett Tomlin, agreed to join me for this discussion to hopefully bring the story to wider attention. It’s worth pointing out that Bennett is not a crypto-skeptic, but what he’s uncovered is a complex web of deceit and obfuscation that will, I suspect, take your breath away like it did mine. Joining Bennett and myself is George Noble, a hugely experienced hedge fund manager with an extraordinary track record. Like Bennett, George is not anti-crypto, but his own work on Tether has led him to similar conclusions.

Hopefully, this discussion between a stalwart of the financial industry and a man who has immersed himself deep in the crypto world can help both sides understand each other better and you to gain a perspective on what could well become the biggest story in crypto in the coming weeks and months…

 

Edited July 12, 2021 by thinlyspread

[HAL1000]