Close Menu
  • News
    • Bitcoin
    • Altcoins
    • DeFi
    • Regulation
    • Market Cap
    • Web 3
    • Scam
  • Blockchain
  • NFT
  • Metaverse
  • Analysis
  • Learn
  • Blog
  • Contact
    • Tech7685@gmail.com
What's Hot

Partially completed Wave 5 says there is still room to run

2025-05-10

Best crypto to buy now as UFC legend Conor McGregor calls for a Bitcoin strategic reserve in Ireland

2025-05-10

Trump Blackballs Lobby firm about controversy related to his ‘Crypto Strategic Reserve’ Truth Social Post: Report: Report

2025-05-10
Facebook X (Twitter) Instagram
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Advertise
  • BitcoinPlatform.com
Facebook X (Twitter) Instagram
Free Cryptocurrency – Bitcoin | Altcoins | Blockchain | News Stories Updated Daily
  • News
    • Bitcoin
    • Altcoins
    • DeFi
    • Regulation
    • Market Cap
    • Web 3
    • Scam
  • Blockchain

    Nexera and Pinkchain unite to Tokenize € 1.1 billion real estate pipeline with Shariah-compliant products

    2025-05-10

    Mint Blockchain integrates Chainlink CCIP to feed cross-chain connectivity

    2025-05-10

    ‘Nasdaq on Solana’ vision sees progress with opening bell launch

    2025-05-10

    Nexus launches an AI lab for safe and verifiable artificial inteligence

    2025-05-10

    Renta Network works together with thoughts to introduce AI-driven discovery into the Real-World Assets

    2025-05-10
  • NFT

    Drink-to-earn? A new sparkling water comes with an NFT and points

    2025-05-08

    Cobie says we will return if someone buys this $ 20 million NFT

    2025-05-08

    Edge Matrix, Colabs Partner to strengthen NFT -Makers

    2025-05-08

    Argentinian football club Partners with StepN to launch digital sneakers

    2025-05-05

    Pudgy Penguins #6873 Leads with Top NFT -sale worth $ 360.2k

    2025-05-04
  • Metaverse

    Shib: The Metaverse – Part of the expanding Shiba Inu ecosystem

    2025-01-03

    Experience to Earn: Everdome’s Metaverse Frontier

    2024-12-30

    Beyond Bots: Meta Motivo and the Dawn of Human Digital Life

    2024-12-13

    Exploring NetVRk: What’s Behind This AI-Powered Virtual Universe?

    2024-10-28

    Council of Europe emphasizes the impact of Metaverse on privacy and democracy

    2024-09-05
  • Analysis

    Partially completed Wave 5 says there is still room to run

    2025-05-10

    Wells Fargo increases the price target for a company of billion dollars, the shares of the company’s prognoses will increase by 52%: report

    2025-05-10

    Ethereum – Price explodes beyond $ 2,200 with a 25% increase – Momentum builds up quickly

    2025-05-10

    Arthur Hayes says that the crypto-bullmarkt is ready to continue, Bitcoin Path sketches to seven-digit price

    2025-05-10

    Chainlink keeps strong at $ 15.29 support – is a new breakout on your hands?

    2025-05-10
  • Learn

    What Is Proof-of-Authority (PoA)?

    2025-05-10

    What Is Proof-of-Stake (PoS)? A Beginner’s Guide

    2025-05-09

    What Is a Layer-1 (L1) Blockchain?

    2025-05-03

    What is a Layer-2 (L2) Blockchain Network Solution?

    2025-05-02

    What Is a Layer-0 Protocol?

    2025-05-02
  • Blog
  • Contact
    • Tech7685@gmail.com
Free Cryptocurrency – Bitcoin | Altcoins | Blockchain | News Stories Updated Daily
Home»Regulation»Former SEC official calls for US ban on Tether, calls it a ‘gigantic house of cards’
Former SEC official calls for US ban on Tether, calls it a ‘mammoth house of cards’
Regulation

Former SEC official calls for US ban on Tether, calls it a ‘gigantic house of cards’

2023-05-10No Comments3 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email

Former US Securities and Exchange Commission (SEC) official John Reed Stark urged US financial regulators to ban crypto companies from offering Tether USDT, describing the company as a “gigantic house of cards”.

In a lengthy May 9 Twitter post, Stark discussed several issues Tether was facing to get his point across. According to him, his experience and study of markets and financial statements over the past few years lead him to believe that the stablecoin issuer could be the next domino to fall.

Tether operates in a regulatory vacuum

Stark noted that Tether has operated without regulatory constraint as it has no legal framework governing its US operations. He added that there are no “U.S. requirements on how reserves should be invested, nor any audit or reporting requirements.”

“The fundamentals of Tether, the essence of everything Tether does, are tied exclusively to Tether’s financial reserves. Yet those reserves remain unverified, unconfirmed and therefore dubious,” he added.

According to him, this is a red flag, as Tether users are left to the “condescending and ineffective public relations blather, hype and gaffe”.

Questions about Tether’s statement

Stark criticized Tether’s attestation, saying it cannot replace an audit. According to him, audits are designed to look for possible risks, while certificates only examine whether the data presented is correct at the time.

stark said:

“An attestation is not the same as an audit under any circumstances – and this kind of ‘unverified snapshot’ would never pass the regulation.”

In addition, the stablecoin issuer was no longer legally required to submit its reserve certificates. This means the company may not provide further attestations, raising more questions about its reserves.

See also  Russia sent $ 5,000,000,000 through JPMorgan and Citigroup in an alleged scheme to avoid sanctions: report

Meanwhile, Tether released its latest attestation report earlier today, reporting net profit of $1.5 billion in the first quarter of the year.

“If Tether’s internal controls are so flawed that an instant accounting of its financial reserves – down to the penny – can’t be done at the click of a mouse, that speaks volumes about Tether’s reliability and credibility.”

Stark further questioned why Tether’s Chief Technology Officer Paolo Ardonio was constantly discussing the company’s financial condition and not the Chief Financial Officer.

Calls for prohibition

Strong noted that Ontario, Canada, has banned crypto platforms from offering Tether USDT and urged the US to do the same.

Earlier this year, Crypto.com scrapped USDT for Canadians, citing compliance with regulatory requirements.

Meanwhile, this isn’t the first time Tether has faced questions about its reserves and operations. The stablecoin issuer has consistently maintained that its business was properly managed and had no exposure to struggling crypto companies.

Despite these issues, Tether’s USDT token remains the largest stablecoin. It has a market cap of $82.53 billion and a 24-hour volume of $24.18 billion.



Source link

Ban calls Cards gigantic House official SEC Tether
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Best crypto to buy now as UFC legend Conor McGregor calls for a Bitcoin strategic reserve in Ireland

2025-05-10

Trump Blackballs Lobby firm about controversy related to his ‘Crypto Strategic Reserve’ Truth Social Post: Report: Report

2025-05-10

Saudi -Arabia shuns a formal Brics membership to prevent us from encountering: report

2025-05-10

Founder of Crypto Lending Platform Celsius sentenced to 12 years in prison for fraud

2025-05-10
Add A Comment
Leave A Reply Cancel Reply

Top Posts

European Central Bank Pushing for Digital Euro to Counter Trump’s Support for StableCoins: Report

2025-01-25

MKR hits yearly high of $1,600, what’s next?

2023-10-02

Ledger’s CEO says “sharded” recovery seeds can be disclosed on subpoenas

2023-05-23
Editors Picks

What Is an NFT?

2023-09-15

Ethereum -price that runs the risk of long -term decrease, because bears regain control

2025-05-06

Stablecoin’s violation visa for the first time with $ 1T! – what this shift means

2025-04-17

Silly Dragon (SILLY) Price Prediction 2023 2024 2025

2023-12-25
About
About

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, Defi, NFT, Metaverse and more.

We're social. Connect with us:

Facebook X (Twitter) Instagram Pinterest YouTube
Top Insights

Partially completed Wave 5 says there is still room to run

Best crypto to buy now as UFC legend Conor McGregor calls for a Bitcoin strategic reserve in Ireland

Trump Blackballs Lobby firm about controversy related to his ‘Crypto Strategic Reserve’ Truth Social Post: Report: Report

Get Informed

Subscribe to Updates

Get the latest news and Update from Free.cc about Crypto, Metaverse, NFT and more.

  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Advertise
  • BitcoinPlatform.com
© 2025 Free.cc - All rights reserved. Contact: info@free.cc

Type above and press Enter to search. Press Esc to cancel.

  • bitcoinBitcoin(BTC)$103,257.900.00%
  • ethereumEthereum(ETH)$2,500.086.71%
  • tetherTether USDt(USDT)$1.000.01%
  • rippleXRP(XRP)$2.422.61%
  • binancecoinBNB(BNB)$653.302.74%
  • solanaSolana(SOL)$172.250.17%
  • usd-coinUSDC(USDC)$1.000.01%
  • dogecoinDogecoin(DOGE)$0.23418214.43%
  • cardanoCardano(ADA)$0.823.98%
  • tronTRON(TRX)$0.261004-0.45%
  • suiSui(SUI)$3.992.07%
  • chainlinkChainlink(LINK)$16.814.96%
  • avalanche-2Avalanche(AVAX)$24.585.70%
  • stellarStellar(XLM)$0.3074393.62%
  • shiba-inuShiba Inu(SHIB)$0.0000166.18%
  • hedera-hashgraphHedera(HBAR)$0.2121245.66%
  • hyperliquidHyperliquid(HYPE)$25.210.58%
  • the-open-networkToncoin(TON)$3.372.81%
  • bitcoin-cashBitcoin Cash(BCH)$421.303.06%
  • polkadotPolkadot(DOT)$5.106.58%
  • unus-sed-leoUNUS SED LEO(LEO)$8.61-1.54%
  • litecoinLitecoin(LTC)$103.233.91%
  • moneroMonero(XMR)$322.824.17%
  • bitget-tokenBitget Token(BGB)$4.847.88%
  • pepePepe(PEPE)$0.0000138.01%
  • daiDai(DAI)$1.00-0.02%
  • piPi(PI)$0.742.17%
  • ethena-usdeEthena USDe(USDE)$1.000.00%
  • uniswapUniswap(UNI)$6.949.58%
  • bittensorBittensor(TAO)$451.345.65%
  • nearNEAR Protocol(NEAR)$3.055.02%
  • aptosAptos(APT)$5.794.52%
  • aaveAave(AAVE)$225.137.20%
  • ondo-financeOndo(ONDO)$1.052.97%
  • okbOKB(OKB)$54.792.02%
  • ethereum-classicEthereum Classic(ETC)$19.974.65%
  • internet-computerInternet Computer(ICP)$5.511.57%
  • official-trumpOFFICIAL TRUMP(TRUMP)$14.28-1.95%
  • kaspaKaspa(KAS)$0.1069693.42%
  • polygon-ecosystem-tokenPOL (prev. MATIC)(POL)$0.2639354.75%
  • gatechain-tokenGateToken(GT)$22.191.44%
  • render-tokenRender(RENDER)$5.215.35%
  • crypto-com-chainCronos(CRO)$0.100741-0.70%
  • vechainVeChain(VET)$0.0309134.12%
  • mantleMantle(MNT)$0.780.69%
  • ethenaEthena(ENA)$0.3889925.86%
  • usd1World Liberty Financial USD(USD1)$1.00-0.11%
  • arbitrumArbitrum(ARB)$0.43786916.50%
  • filecoinFilecoin(FIL)$3.133.66%
  • algorandAlgorand(ALGO)$0.2412803.43%
  • bitcoinBitcoin(BTC)$103,257.900.00%
  • ethereumEthereum(ETH)$2,500.086.71%
  • tetherTether USDt(USDT)$1.000.01%
  • rippleXRP(XRP)$2.422.61%
  • binancecoinBNB(BNB)$653.302.74%
  • solanaSolana(SOL)$172.250.17%
  • usd-coinUSDC(USDC)$1.000.01%
  • dogecoinDogecoin(DOGE)$0.23418214.43%
  • cardanoCardano(ADA)$0.823.98%
  • tronTRON(TRX)$0.261004-0.45%
  • suiSui(SUI)$3.992.07%
  • chainlinkChainlink(LINK)$16.814.96%
  • avalanche-2Avalanche(AVAX)$24.585.70%
  • stellarStellar(XLM)$0.3074393.62%
  • shiba-inuShiba Inu(SHIB)$0.0000166.18%
  • hedera-hashgraphHedera(HBAR)$0.2121245.66%
  • hyperliquidHyperliquid(HYPE)$25.210.58%
  • the-open-networkToncoin(TON)$3.372.81%
  • bitcoin-cashBitcoin Cash(BCH)$421.303.06%
  • polkadotPolkadot(DOT)$5.106.58%
  • unus-sed-leoUNUS SED LEO(LEO)$8.61-1.54%
  • litecoinLitecoin(LTC)$103.233.91%
  • moneroMonero(XMR)$322.824.17%
  • bitget-tokenBitget Token(BGB)$4.847.88%
  • pepePepe(PEPE)$0.0000138.01%
  • daiDai(DAI)$1.00-0.02%
  • piPi(PI)$0.742.17%
  • ethena-usdeEthena USDe(USDE)$1.000.00%
  • uniswapUniswap(UNI)$6.949.58%
  • bittensorBittensor(TAO)$451.345.65%
  • nearNEAR Protocol(NEAR)$3.055.02%
  • aptosAptos(APT)$5.794.52%
  • aaveAave(AAVE)$225.137.20%
  • ondo-financeOndo(ONDO)$1.052.97%
  • okbOKB(OKB)$54.792.02%
  • ethereum-classicEthereum Classic(ETC)$19.974.65%
  • internet-computerInternet Computer(ICP)$5.511.57%
  • official-trumpOFFICIAL TRUMP(TRUMP)$14.28-1.95%
  • kaspaKaspa(KAS)$0.1069693.42%
  • polygon-ecosystem-tokenPOL (prev. MATIC)(POL)$0.2639354.75%
  • gatechain-tokenGateToken(GT)$22.191.44%
  • render-tokenRender(RENDER)$5.215.35%
  • crypto-com-chainCronos(CRO)$0.100741-0.70%
  • vechainVeChain(VET)$0.0309134.12%
  • mantleMantle(MNT)$0.780.69%
  • ethenaEthena(ENA)$0.3889925.86%
  • usd1World Liberty Financial USD(USD1)$1.00-0.11%
  • arbitrumArbitrum(ARB)$0.43786916.50%
  • filecoinFilecoin(FIL)$3.133.66%
  • algorandAlgorand(ALGO)$0.2412803.43%