Tether Co-Founder Brock Pierce No Longer Owns Any USDT

News
Fri, 07/10/2020 - 18:18
Alex Dovbnya
Tether co-fonder Brock Pierce is skeptical of Tether's chances to weather the regulatory onslaught
Cover image via www.youtube.com
Contents

In a recent Bloomberg interview, child actor and cryptocurrency entrepreneur Brock Pierce said that he no longer owned any Tether (USDT) tokens.

Back in 2015, Pierce completely distanced himself from the controversial stablecoin issuer that has questionable relationships with major crypto exchange Bitfinex.  

Related
BREAKING: Tether Confirms That 26 Percent of Its USDT Supply Is NOT Backed by Fiat

A highly risky business 

As reported by U.Today, the New York Supreme Court threw Bitfinex’s jurisdictional overreach argument out of the window on July 9. 

This allows New York AG Letitia James to continue its investigation into iFinex, the Hong Kong-headquartered parent company of Bitfinex and Tether that allegedly used USDT reserved to cover up Crypto Capital’s $850 mln loss.  

Pierce, who has a stake in plenty of major cryptocurrency companies such as Ripple and Coinbase, still considers Tether an innovation of highest importance, but he amidst that it’s a high-risk business:   

‘Tether is, I think, one of the most important innovations in currency, but it also seemed like one of the higher risk businesses.’

According to the Bloomberg report, he is not sure whether or not Tether will be able to handle its fight with the AG.

An entrepreneur turned politician

Pierce is no stranger to regulatory pressure. Block.One, the software company behind EOS that he co-founded, was slapped paid a $24 mln fine to settle with the U.S. Securities and Exchange Commission (SEC) back in September 2019.

The businessman also stepped into the political fray by announcing his presidential candidacy on July 5 to heal the nation.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.


This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy

Cookie settings