Tether Settlement Seen As Positive Step for Bitcoin Industry
Cryptocurrency pundits explain how the Tether decision provides clarity to the Bitcoin industry.
The company has been banned from operating in New York.
However, many in crypto believe this is a positive step for the company.
Bitfinex and Tether must stop trading activity in New York and pay an $18.5 million fine as part of a settlement on Tuesday with the New York Attorney General—and crypto industry pundits say that it's a positive development that may lead to further transparency around crypto’s biggest stablecoin.
The NY Attorney General's investigation concluded that Tether "made false statements about the backing of the tether stablecoin, and about the movement of hundreds of millions of dollars between the two companies to cover up the truth about massive losses by Bitfinex."