Yugocean
Valued Contributor
In order to ascertain whether Tether genuinely has US Dollar reserves to back up its stablecoin USDT, the NYSD Federal US District Court has ordered Tether to produce all financial documentation for audit.
The New York Attorney General fined and barred iFinex from operating in the state of New York in 2021 for fraud, but Judge Katherine Polk Feilla's court acquitted iFinex of the allegations in November. To ascertain the company's status, the judge has now been determined to audit its records.
In fact, a group of anti-crypto people contend that Tether's parent business, iFinex, developed USDT as a phoney currency in order to boost the value of cryptocurrencies relative to fiat currencies like the US dollar.
Following the dismissal of their initial appeal against the order, the company, iFinex, has finally agreed to produce the necessary documents. The crypto market will be impacted in a different way by this, and Tether also has its other stablecoins like GBPT to save.
The New York Attorney General fined and barred iFinex from operating in the state of New York in 2021 for fraud, but Judge Katherine Polk Feilla's court acquitted iFinex of the allegations in November. To ascertain the company's status, the judge has now been determined to audit its records.
In fact, a group of anti-crypto people contend that Tether's parent business, iFinex, developed USDT as a phoney currency in order to boost the value of cryptocurrencies relative to fiat currencies like the US dollar.
Following the dismissal of their initial appeal against the order, the company, iFinex, has finally agreed to produce the necessary documents. The crypto market will be impacted in a different way by this, and Tether also has its other stablecoins like GBPT to save.
