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by delabay 253 days ago
A tether truther, in this day and and age? 2017 called...

The passing of GENIUS act marks one of, possibly the largest banking regulatory changes in the US. The stablecoin industry is very legitimate, has very firmly established guardrails and rules, and tether is working fast to become fully compliant.

This "TeTheR iS a SySTEmiC RiSK tO eVEryThiNG" mentality is fully dead. Tether is compliant in a regulated industry, tether is backed, and tether is quickly running away with the entire market.
2 comments
wat10000 253 days ago
How does the GENIUS act apply to Tether, given they're not in the US and their product is not officially available in the US?
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delabay 253 days ago
Tether will migrate to a US regulated structure
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wat10000 253 days ago
When that happens then it'll be relevant, but I don't see how it means everything is fine now.
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delabay 253 days ago
A company actively navigating a huge regulatory change is not the same as a flagrant scam hiding in plain sight.

I don't know why I'm bothering to reply. Tether truthers are modern day financial luddites, willingly blind and ignorant of the sea change taking place in plain sight after the passing of GENIUS.

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wat10000 253 days ago
I don't have a dog in this fight. I don't much care about crypto and know pretty much nothing about Tether beyond the fact that they have a USD-linked coin, plus what I just read on Wikipedia. "They're on the up-and-up because they say they're going to be complying with US law in the future" just isn't a very convincing argument.
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disgruntledphd2 252 days ago
> I don't know why I'm bothering to reply. Tether truthers are modern day financial luddites, willingly blind and ignorant of the sea change taking place in plain sight after the passing of GENIUS.

Well they must be regulated somewhere, right? Where are the reports from regulators that all is OK, or at the very least an audit.

And if you can't get one of the Big 4 to sign off on your finances, then you have big big problems. Even Wirecard and Enron managed that.

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wmf 253 days ago
Did you miss the announcement that USDT will not attempt to comply with the GENIUS act?
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delabay 253 days ago
Yes, because they will migrate to a different compliant one. Maybe you missed that headline?
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wmf 253 days ago
Nothing's going to migrate.
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