(Source: https://www.cnbc.com/2021/02/23/tether-bitfinex-reach-settlement-with-new-york-attorney-general.html)
The Tether Settlement was much better than I expected
I've seen some rumblings from people seeming to think the sell off in Bitcoin and altcoins is related to the Tether news that came out last night.
In case you hadn't seen what news I'm talking about, the gist of it can be found here:
The bullet points were as follows:
- Tether pays $18.5 million to NY
- Tether must report reserves every quarter for next 2 years
- Tether can no longer serve NY residents
That's pretty much it.
As far as I am concerned, this doesn't sound as bad as it could have been. The part about not able to serve NY based residents any longer is probably the biggest piece of news in my opinion.
Does that mean NY residents can't buy Tether on a crypto Exchange? I am guessing not.
It probably means they can't directly buy tethers with cash from Bitfinex/Tether.
I am not expert in legal matters but this settlement sounds relatively small compared with the amount of money flowing through Tether.
Though this settlement is just with the NYAG, I believe they still have a lawsuit open with the DOJ, though I am not certain.
If that is the case, then that would be the big one.
Perhaps someone with a little more background info on this than me can chime in.